Mtechtips MCX-SX EURINR INTRADAY trading analysis 03-02-2016
Mtechtips MCX-SX EURINR INTRADAY trading analysis 03-02-2016
Mtechtips Euro rose for the second straight trading day Tuesday tracking dollar weakness following the release of dismal US economic data. Euro’s strength, the German unemployment rate unexpectedly fell in January, data released by the Federal Labour Agency showed Tuesday.The rate dropped to 6.2% in January from 6.3% the previous month, better than the 6.3% expected by economists.
EURINR witnessed 0.66% gain and a fter hitting a high of 74.55 settled at 74.4825. Today, EURINR may show recovery rally towards 74.75 and above following to the long bullish candle stick and favorable unemployment data. Strong resistance is seen at 74.90 sustain trade above on closing basis could extend gains towards 75.10-75.35; else correction may take place from 74.80. Short term sell around 74.75-74.80. Target 74.25-73.90. Stop loss above 74.90.
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