Forex Market News


EURINR Oct futures opened strongly higher with gap and prices consolidated for the whole session in the range of 74.90- 75.05. Prices have already broken down the short term rising trend line support in the previous session and are expected to fall from this level towards next support placed at 74.50 and 74.10 levels. On the higher side strong resistances are placed at 75.20 and 75.50 levels.
Euro is trading at 1 . 1203 , with limited movement in the currency yesterday . Better than expected retail sales and services PMI data from the EU helped the Euro sustain above the 1 . 12 marks but positive US data drove the pair lower . There is no data to be reported today but the deutsche bank scare still remains in play as no clear news about the settlement has been made public . Expect another day of range bound trading for the Euro.
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