Mtechtips MCX-SX EURINR INTRADAY trading analysis 28-06-2016
MTECHTIPS Euro traded down for the second trading day Monday as heightened uncertainty about the economic and financial health of the single currency bloc following UK’s decision to leave the European Union increased demand for safe-haven dollar. EURINR extended its recent bearish trend and settled down by 0.54% at 74.86 levels. A breakdown of short term trend line support and formation of long bearish candle stick on OED chart is yet indicating for bearishness in EURINR.On the other hand, strong resistance is seen at 75.65 on closing basis and pair would need to trade above these levels in order to test 76.20-76.50. Strategy – Sell on rise around 75.45-75.50 Target 75.00. Stop loss above 75.65.