October 21, 2016

Mtechtips MCX-SX EURINR INTRADAY trading analysis 19-09-2016
MTECHTIPS Sell below 75.15 Target 74.75-74.45. Stop loss above 75.35 EUR-INR had a neutral week and consolidated around 75.15-75.50 levels. The movement in the EURINR remains limited on lack of important economic data and as they await monetary policy decisions by US and Japan. On the data front, Euro zone’s trade surplus which narrowed for third straight month in July, while Eurostat also showed consumer prices were just 0.2% higher in August from a year earlier, in-line with market consensus. 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.


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