Mtechtips MCX-SX EURINR INTRADAY trading analysis 11-03-2016
Mtechtips MCX-SX EURINR INTRADAY trading analysis 11-03-2016
MTECHTIPS :- Euro closed sharply higher on Thursday, erasing massive losses earlier in the session, as Mario Draghi pushed the euro dramatically upward by vowing not to cut interest rates any further after the European Central Bank adopted a wide range of stimulus measures at a closely-watched meeting.As expected, the European Central Bank’s Governing Council approved a comprehensive set of easing initiatives on Thursday aimed at boosting economic growth throughout the euro zone and staving off deflation. The Governing Council used nearly all of the tools at its disposal to stimulate the economy by lowering three key rates at the meeting and extending the breadth and depth of its comprehensive Quantitative Easing program.As part of its updated policy, the ECB lowered its deposit rate deeper into negative territory by reducing it by 0.1 to Minus-0.4%. The Governing Council also cut the marginal lending rate by 0.05 to 0.25% and the refinance rate by 0.05% to zero. At the same time, the central bank increased the size of monthly purchases with its bond-buying program by €20 billion to €80 billion a month and extended the program by several months through March, 2017. Technically, EURINR having immediate resistance 75.50 sustain trade above only will expect to extend positive move towards 75.80-76.00 Else, sell on rise towards 75.25-75.30 could expect for the target 75.00-74.80.
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