Mtechtips MCX-SX EURINR INTRADAY trading analysis 01-08-2016
MTECHTIPS EUR-INR August Future Sell around 75.10-75.20 Target 74.65-74.20. Stop loss above 75.50 EUR-INR has stalled its recent bearish trend and recovered 0.90% from the weekly low. A slew of upbeat economic data from the Euro zone was added some strength in EURINR. Further, weakness in the dollar index which drops more than 1.90% after the FOMC meeting and Bank of Japan stimulus measures fell short of market expectations also supported the currency pair. Technically, a breakdown of descending triangle pattern is indicating for bearishness in EURINR, and any rise towards 74.90-75.00 is expected to attract huge selling activities. On the upside, massive resistance is seen at 75.50 and break above is expect to show positive move towards 76.10-76.50 again.
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