Eur inr future this week closed with a loss. This was the sixth losing week for the euro and in this six-week euro tumbled from highs of 75.62 to lows of 72.8. Total almost 3 rupee loss or almost 4% plus loss for the euro on the continued sell-off in international forex. This week eur rupee future hit high around 73.95 while low was at 72.8. Total 1.2 rupees or 1.5% weekly range and another weak closing for the euro. Euro rupee sell call achieved all its downside targets and 72.7 is last support. Below it euro will be very bearish and expect panic sell off but eurinr technically oversold so expect sharp short covering in upcoming weeks. Investors here keep buy on dips view for target 74.55 and above. For next week eur inr future support zones are 72.7 and 71.9 while on upside 73.5 and 74.55 are resistances. Gbp inr future this week closed with gain at 81.79. After last 2 weeks, strong and sharp selloff pound is holding ground on value buying. On downside 81.1 is major support and above it, investors keep buy and accumulate view on the pound and expect 84 and 85.9 as target zones. Below 81 pound will be very bearish and show panic sell off. For long-term investors, this is best buying opportunity in pound rupee pair. This week positive closing signaling medium to long term bottomed out the pattern for gbp inr so traders can buy here with a stop loss below 81. Jpy inr future this week closed at 64.5 with gain. Yen after last 4 weeks continues profit booking showing some upside on short covering. This week jpy inr future low was at 64.1 and high was near 64.7. Total 1% gain from lows and positive closing for yen. For next week jpy inr future outlook remain bearish and below 64.85 traders keep sell on rising view and expect targets 63.5 and below in short to medium terms. From long term view, investors can keep buy on dips view for target 66 and above. Usd inr future this week closed at 66.91 with gain. The last four-week we are seeing positive closing for us dollar against rupee on strong dollar demand. In these 4 weeks dollar slowly inched from lows of 66.5 to 67+. Though rupee still stronger and below 67 traders must keep a short view on US dollar and expect downside targets of 66.5 and 66 in next week. A sharp breakout above 66 with price action and on volume only confirm breakout for target 67.4. From long term view usd in future will remain range bound in 66 to 67.5 range with a bullish bias towards US dollar.
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