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Mtechtips MCX-SX EURINR INTRADAY trading
analysis 05-08-2016
MTECHTIPS
Euro extended fall
after Bank of after the Bank of England slashed its interest rates for the
first time since 2009 to counter economic consequences of UK's historic exit
from the European Union last month.EURINR retraced from the day high 75.5725
and settled at 74.81 levels. Intraday price action resulted in formation of
Bearish engulfing pattern which is indicating for bearish trend reversal in
EUIRNR. Further, massive resistance is seen at 75.60 and pair would need to
trade above this level in order to test 76.00 and above.Sell around 74.80-74.85
Target 74.40-74.25. Stop loss above 75.00.
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