Mtechtips MCX-SX EURINR INTRADAY trading analysis 05-06-2017

Mtechtips MCX-SX EURINR INTRADAY trading analysis 05-06-2017
Mtechtips Euro rupee future in month of May closed at 72.68 with hugegains. This was straight second gaining month for euro against rupee. In May eurinrfuture hit low at 70 and closed near month high of 73. Almost 3+ rupee gain inMay 2017. In last 2 months euro future rallied from low of 68 to high of 73 soalmost 5 rupee or 7.35% appreciation in last 2 months for euro vs. rupee. For month of June 2017, eur inr future outlook remain bullish above 71.9 support zone on daily closing basis. On upside my bullish swing targets zones are 73.8 and then 75 rupee. Below 71.9, expect deep correction and consolidation up to 70.8 to 69 rupee levels.Currency traders keep buy on dips trading strategy for euro future in June above 71.9 and book profits around 73.8 and then 75 rupees. Below 71.9, eur inr pair might turn bearish and strategy become sell on rise.
From long term view, euro rupee future hit 2017 bearishtarget of 68.7 and now taken support at that level and was bouncing back towards 73.3 resistance zone and might touch that level in June 2017.
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