Mtechtips MCX-SX EURINR INTRADAY trading analysis 16-05-2016
MTECHTIPS :- Euro continued its recent bearish trend tracking the dollar strength. A weaker than expected Euro Zone Industrial Production report and renewed worries over Greece’s future in the single currency bloc as well as the upcoming Spanish general election contributed selling activities in the pair. Weak IIP, GDP and other mixed economic data from Euro zone released in the last week is further indicating that the Euro Zone is facing a subdued economic, including uncertainty over the state of the global economic recovery, emanating in particular from the slowdown in China.
Technically, near term trend yet looking bearish following the rising channel line pattern. On the upside, term resistance is seen at 77.40 and a break above only could expect to show upside move towards 77.80-78.00 and above.
Sell around 76.70-76.80 Target 76.20-75.80 Stop loss above 77.00. (LTP : 76.00)