Mtechtips MCX-SX EURINR INTRADAY trading analysis 02-08-2016
MTECHTIPS EUR-INR August Future Sell around 74.85-74.95 Target 74.65-74.45. Stop loss above 75.10 Above 74.15 will expect to test 74.35-74.55.Euro traded down on profit-booking following sharp gains in the currency pair by over 2% in the past three days.Sell strategy given on rise around 74.85 was initiated, however pair yet to test predicted level of 74.60 due to sluggish movement. On EOD chart pair trading below the 38.2% Fibonacci Retracement of its previous fall and formed a inverted hammer candle stick pattern which creating probability for correction in days to come. On the other hand, massive resistance is seen at 75.10 and sustain trade above only will expect to test 75.55-75.80.