Mtechtips MCX-SX EURINR INTRADAY trading analysis 16-08-2016
MTECHTIPS Sell on rise around 74.90-75.00 Target 74.55-74.10. Stop loss above 75.40.Euro strengthened against the greenback after US worker productivity fell for the third straight quarter in June. This reduced bets for a near term rate increase by the Federal Reserve, while sentiments boosted after the release of a better than expected euro zone industrial output in the month of June. The pair recovered from the weekly low 74.10 and tested 75.08 before closing at 74.7325. In the coming week the euro is expected to consolidate and the weakness dollar may support in upside move. 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.