Mtechtips MCX-SX EURINR INTRADAY trading analysis 04-07-2016
Mtechtips MCX-SX EURINR INTRADAY trading analysis 04-07-2016
MTECHTIPS EUR-INR July Future Sell around 75.90-76.00 Target 75.40-74.80. Stop loss above 76.25
EUR-INR extended its recent bearish trend and settled down by 0.62%. However, on Friday pair found some support after Eurozone and Germany reported upbeat manufacturing data that raised hopes that ECB may not introduce stimulus if the economy is not impact adversely by Brexit, and it rebounded from the day low 74.9550 and settled at 75.1975. Technically, after four week consolidation, EURINR witnessed a breakdown of short term pennant pattern on the weekly chart which point to bearishness in near term and any rise towards 75.90-76.00 is expect to attract huge selling activities.
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