Forex Market News

EURINR

Euro is trading at 1.1210 , rallying from the lows near 1.1150 that were seen yesterday . Euro was trading lower on the back of deutsche bank worries but news about the ECB tapering its quantitative program led to a sudden spike in the shared currency . This news has not been confirmed and the gains could drop quickly as the banking troubles would continue to push Euro lower.
Oct futures opened marginally higher with gap and prices consolidated in the range of 75 – 75.10 for most of the session. Prices have opened higher after taking support at its short term rising trend line and are expected to rise further from this level towards next resistance levels placed at 74.40 and 74.60. Strong supports are placed at 75 and 74.70 levels.
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