Forex Market News

SELL EURINR Strategy 75.05 – 75.15; target of 74.79

Euro is trading at 1 . 1200 , correcting from higher levels as markets remained anxious about the banking sector in the EU . Fall in the banking stocks led to sell off in the shared currency . ECB chairman Draghi is scheduled to speak in front of German lawmakers but this being a closed meeting we can expect no major impact . He is likely to continue displaying confidence about the EU economy and stimulus program in place.
EURINR Sep futures opened marginally lower with gap and prices continued to fall in the sideways down trend and made a low of 74.69. Prices have opened with break down outside its short term rising trend line and also closed outside of it. Prices are likely to fall further from this level towards next strong supports of 74.50 and 74. 10 levels. On the higher side resistances are placed at 74.90 and 75.10 levels .
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