Mtechtips MCX-SX EURINR INTRADAY trading analysis 18-08-2016
MTECHTIPS Pound snapped three-day fall Tuesday as investors covered their short-positions taking advantage of a slump in pound to a five-week low level while the pair extended gains after the release of the UK’s latest inflation data. Pound appreciated against dollar as investors covered their short term positions as pound breached its lowest level since Jul 11 Monday.After hitting a low of 86.8725, GBPINR recovered towards 87.04 and settled at 86.9175 levels. In near term GBPINR may take momentum upside move following to long bullish candle stick formation on EOD chart.Buy above 87.50 Target 87.88-88.10. Stop loss below 87.25.