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MCX-SX EURINR INTRADAY trading analysis 25-01-2016
Mtechtips
Euro retraced from the high 74.7875 and settled at 73.34 after the
European Central Bank hinted at additional monetary stimulus as early as
March. ECB left interest rates on hold at its latest policy meeting on
Thursday. Sell strategy given last week was successful with EURINR drop
towards first target 73.70, but it failed to test second target 73.00. Technically,
EURINR failed to cross the 61.8% Fibonacci Retracement of previous fall while
weekly price action resulted in formation of inverted hammer which is
indicating for bearish trend reversal. On the other hand, 75.10 will
act as a strong resistance and EURINR would need to trade above this level in
order to test 75.50 and above. Sell around 74.30-74.50 Targets 73.80-73.20.
Stop loss above 75.00. (LTP: 73.68).
Important
factor/data from Europe:
CPI Flash
Estimate y/y.
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