EURO INR Future Daily Chart Technical Analysis
Euro rupee future of December expiry on last trading session closed at 79.61 with loss. We saw sharp surge in rupee and all cross currencies seen heavy selling on account of this. On daily chart euro is in strong downtrend against rupee and hitting news lows almost every day. Euro is trading blow all short term averages with oversold indicators and oscillators. For month of December, euro rupee future will remain bearish below 81.2 resistance and targets will be around 78.15 and then possibly 76.65. Traders can hold short positions with trailing stoploss around 80.4 and expect targets 78.15 and then possibly 76.55.
Euro rupee future weekly chart technical analysis
Euro rupee future on weekly chart showing losses for this week. This was seventh losing week for euro and in these 7 weeks we saw euro corrected from 86+ to almost 79. Means 7 rupee loss in euro in last two months.
From long term view, euro is in correction phase and heading lower towards supports of 80.4 and 74.3 rupees. This week euro broken support of 80.4 and now inching towards 74.3 rupee zone. Weekly chart indicators and oscillators are approaching oversold zones but still bearish suggesting downside for euro. Below 80.4 expect 74.3 for euro against rupee in medium to long terms.
Euro rupee future monthly chart technical analysis
Euro rupee future on monthly chart showing big losses for this month. This was second losing month for euro and in month of November, euro tumbled from high of 84+ to almost 79 means almost 5 rupee drop in last month.
From long term view, euro is in correction phase and now heading lower towards supports 74.3 rupees. Expect reversal and upside for euro gives closing above 81.2.
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