Euro to rupee daily chart analysis report
euro to rupee spot pair on daily chart last closed with loss at 70.32.on daily chart eurinr trend and momentum is down on account of comparative stronger rupee.
on daily chart,eur/inr weekly and monthly averages comes around 70.60 and remain as strong resistance on upside while above that 70.85 is 3 month average and stronger and last resistance from short term view.on downside 69.5 is final support of last bottom on daily chart.
on indicators side,euro rupee daily cci is at +1 and near major support of 0 while rsi is at 44 with sell signal given at 71.1.on daily chart we clearly see lower tops and lower bottom cycle from last 4 months.
Euro to rupee weekly chart analysis report
eur/inr on weekly chart showing breakdown and huge negative closing in this week.on chart this week high was 71.62 while low was 70.26.total 1.4 rupee downside move from top.
here trend is still up on correction phase is going on.now euro trading below 6 month average of 70.8 which is major medium term resistance.while on downside 69.95 is 12 month average and first support on weekly chart while below that 68.35 is 2 years average and last support of this bull run.
on indicators side,eurinr weekly cci is –67 and with bearish divergence while rsi is at 47 with sell signal given at 71.
Euro to rupee forecast for 22 to 26 april 2013
from short term view for next week,here below 70.9 hold sell on rise view and expect 69.5 to 69 as downside target zones.in between 70.2 is small support so watch for that.comparative strong rupee will remain key factor here.reverse all shorts above 70.9 on closing basis only.
from medium to long term view,watch 69.95 if breaks in next week expect deeper correction upto 68.4-68 levels.below 68 on weekly closing basis we may see bear market for euro against rupee.