Mtechtips MCX-SX EURINR INTRADAY trading analysis 22-08-2016
MTECHTIPS Buy above 76.10 Target 76.45-76.80. Stop loss below 75.90 EURINR has stalled its recent bearish trend and recovered towards 76.04 levels as weakness in dollar index which drop towards 94.02 on fading hopes of a Federal Reserve rate hike in the near term after minutes from the Federal Reserve’s July meeting supported the currency. However, euro little changed after the release of euro-zone current account surplus narrowed in the month of June. Technically, a long bullish candle stick formation on weekly chart is indicating for bullishness in EURINR, but pair would need to trade above 76.10 in order to test 76.45-76.80, else any rise towards 75.95-76.05 is expect to attract short term selling activities.