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Mtechtips MCX-SX EURINR WEEKLY trading analysis 18-05-2015
Mtechtips MCX-SX EURINR WEEKLY trading analysis 18-05-2015
Mtechtips EUR INR futures this week closed with gains. This was fifth gaining week for euro. In these 5 weeks period. Euro rallied from lows of 65 to high of 73+. Total 8-rupee range and closed with gains. This week eur-inr future low was at 71.21 while high was at 73.16. On weekly chart euro is now in strong uptrend with bullish divergences on indicators.On daily chart, EUR INR futures price trend is up but momentum is long out on profit booking as well as stronger rupee. However, euro still trading way above its 1 and 3 month averages with bearish divergences and overbought daily chart indicators. For next week, EUR INR futures major support is 69.7 above it keep buy on dips view for target 73.4, which was almost achieved, and above it, 75.6 will be next target.From medium to long-term view, EUR INR futures is heading towards 75 to 78 levels. On downside, 74 and 70 rupee are strong support zones.
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