Mtechtips MCX-SX EURINR INTRADAY trading analysis 05-08-2016

Mtechtips MCX-SX EURINR INTRADAY trading analysis 05-08-2016

MTECHTIPS Euro extended fall after Bank of after the Bank of England slashed its interest rates for the first time since 2009 to counter economic consequences of UK’s historic exit from the European Union last month.EURINR retraced from the day high 75.5725 and settled at 74.81 levels. Intraday price action resulted in formation of Bearish engulfing pattern which is indicating for bearish trend reversal in EUIRNR. Further, massive resistance is seen at 75.60 and pair would need to trade above this level in order to test 76.00 and above.Sell around 74.80-74.85 Target 74.40-74.25. Stop loss above 75.00.
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