Mtechtips MCX-SX EURINR INTRADAY trading analysis 17-10-2016
MTECHTIPS Sell below 73.60 Target 73.00-72.65. Stop loss above 73.90.
FOMC meeting minutes and stronger dollar has contributed more than 1.10% fall in EURINR last week, while weakness in European stocks which turn lower on continued worries over the banking sector also added bearishness in the pair. Deutsche Bank shares plunged 2.8% on worries over $14 billion fine imposed by the US authorities for misselling allegations.Sell strategy given below 74.20 was successful with pair drop towards first predicted level of 73.65. Technical, EURINR found to break symmetrical triangle (continuation) pattern, which has been hold since February 2016. The above break down is indicating decent fall in EURINR and it may test 72.90-71.55 very soon. Hence, sell below 73.60 is recommended for this week.