Mtechtips MCX-SX EURINR INTRADAY trading analysis 03-10-2016
MTECHTIPS Sell around 75.65-75.75 Target 75.10-74.65. Stop loss above 74.95Euro settled with neutral negative move at 74.89 levels. The currency continued trade below its strong resistance 75.50 as sharp plunge in Deutsche Bank shares to record low raised concerns over the health of European financial system. The EUR-INR tested 74.69 monthly low and settled at 74.8925. There was some support from favorable survey data for the euro area. Technical, on the weekly chart EURINR trading in under symmetrical triangle (continuation) pattern Since February 2016 which saw a consolidation in between 77.94-75.63 levels. In near term trend expect to remain bearish unless EURINR give a closing above 76.45 which is coincide with resistance of triangle. On the other hand, sustain trade above 76.45 only open the door for upside move towards 77.45-78.00.