Mtechtips MCX-SX EURINR INTRADAY trading analysis 24-10-2016
MTECHTIPS Sell below 73.30 Target 72.80-72.0. Stop loss above 73.55Euro plunged to a seven-month low after European Central Bank kept its benchmark interest rates unchanged at a record-low of 0% for the fifth consecutive session and retained its asset purchases program, however signalling an extension of stimulus beyond its scheduled expiration in March. The European central Bank also left its deposit rate at minus 0.4%, meaning that banks pay to park excess cash at the central bank overnight. Technical, EURINR found to break symmetrical triangle (continuation) pattern, which has been hold since February 2016 is indicating for bearishness in the pair and any rise towards 74.25-74.50 is expect to attract near term selling activities.