Mtechtips MCX-SX EURINR INTRADAY trading analysis 18-01-2016

Mtechtips MCX-SX EURINR INTRADAY trading analysis 18-01-2016

Mtechtips Recommendation Sell around 74.10-74.20 Targets 73.70-73.00. Stop loss above 74.50. (LTP: 73.87).Or Buy above 74.50 Targets 75.00-75.50. Stop loss below 74.10.Important factor/data from Europe:ECB Minimum Bid Rate. ECB Press Conference.Sell strategy given around 73.00 was successful with EURINR drop towards first target 72.40, but it failed to test second target 71.80 as pair saw sharp bounce back and tested 74.02 on expectations US Federal Reserve may delay its next rate hike on growing risks to the world's largest economy from the recent oil rout and global financial turmoil. Technically, immediate resistance will seen at 74.50 which is coincide with medium term consolidation and a break above this level may give rally towards 75.00-75.50., else any rise towards 74.1-74.25 could attract short time selling activities with stop loss above 74.50. Further ECB policy meet will drag huge volatility on 21 January.

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