December 3, 2016

Mtechtips MCX-SX EURINR INTRADAY trading analysis 10-08-2016
MTECHTIPS Euro traded little changed during afternoon trades Tuesday as investors have no clear direction on lack of fresh cues.Meanwhile, German exports edged higher in June after an unexpected month-on-month decline in May as weak global growth continued to prove a drag on Europe’s leading economy.On the month, exports rose 0.3%, below consensus forecasts for a 1% rebound after a 1.8% decline in May, according to Federal Statistical Office figures. Imports rose 1%, beating the 0.6% consensus forecast, and well up on May’s 0.1% month-on-month growth rate.Also, France’s state budget deficit widened to 61.8 billion euros ($68.6 billion) in June from the EUR58.5 billion recorded a year earlier, the budget ministry said Tuesday.After hitting a low 74.10, EURINR consolidated around 74.30 and settled t 74.3250. Intraday price action resulted in formation of high wave candle stick, while pair remained below 23.8% Fibonacci Retracement which is indicating for weakness in the pair.Further, massive resistance is seen at 74.70 and pair would need to trade above this level in order to test 75.00-75.25.
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