Mtechtips MCX-SX EURINR INTRADAY trading analysis 08-08-2016

Mtechtips MCX-SX EURINR INTRADAY trading analysis 08-08-2016

MTECHTIPS EURINR retraced at the end of the week as the dollar index recovered on favorable jobs data. However, weakness remained limited following the higher than expected quantitative easing by the Bank of England to mitigate the impact of Brexit. The pair retraced from the high 75.5725 and tested 74.6550 before closing at 74.7950.  In the coming week the euro is expected to remain weak and the dollar may receive support as the Fed members turn hawkish. Technically, a breakdown of descending triangle pattern is indicating for bearishness in EURINR, and any rise towards 74.90-75.00 is expected to attract huge selling activities. On the upside, massive resistance is seen at 75.50 and break above is expect to show positive move towards 76.10-76.50 again.

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