October 28, 2016

Mtechtips MCX-SX EURINR INTRADAY trading analysis 27-09-2016

MTECHTIPS Euro traded up for fourth straight session Monday after data released by Ifo showed German business confidence rose to two-year high in September.  German business climate survey showed Monday business confidence in Eurozone’s largest economy improved much more than expected in September.EURINR settled at 74.9475, up 0.15%. However, pair yet failed to trade above its immediate resistance 75.10 which is coinciding with 38.2% of Fibonacci Retracement.Hence, pair would need to trade above 75.10 in order to test 75.55-75.75; else any rise towards 75.05-75.10 could create probability for correction towards 74.50 again.




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