Mtechtips MCX-SX EURINR WEEKLY trading analysis 25-05-2015
Mtechtips Euro-Indian Rupee future is trading at 70.95 with gains. on daily chart euro is trading above 1 and 3 month averages but with correction patterns on indicators. 70.35 is 3 month average and above it expect short term uptrend to remain intact for euro. on indicators side, Euro-Indian Rupee macd is heading towards with corrective pattern. RSI is at 51 but bearish divergences and CCI is heading towards zero with bearish divergences. Euro-Indian Rupee future this week closed with loss. Euro-Indian Rupee weekly high was at 72.84 while low was at 70.6. total 2.24 rupee or 3% weekly swing for euro and closed near lows on sharp profit booking by investors. Euro-Indian Rupee closed at major average on weekly chart. weekly chart indicators are with bearish divergences suggesting correction for euro in upcoming weeks. for next week, Euro-Indian Rupee major support is 69.7 if gives closing below it then expect downcycle for this currency. below it 67.5 is next support as well as target zone if downtrend start. on upside 73.4 will remain top strong resistance. future traders keep wait and watch strategy for 69.7 level. reversal from that level will be buying opportunity in Euro-Indian Rupee but closing below that level will open short opportunity in euro.
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