Forex Market News

Sell EURINR Strategy 74.20 – 74.25; Target Of 73.88

Euro is trading at 1.1046 , rebounding from below the 1.0980 levels as we have expected yesterday . There are no headlines from the EU in this week and we expect the US dollar to dictate the shared currency’s direction .1.10 would be acting as a near term support until the dollar begins another ascent in the days ahead.
EURINR Oct futures opened sharply lower with gap and made a low of 73.73. Prices consolidated for the whole session in the range of 73.75 – 73.95 and taken support near July month’s low of 73.74. Prices are likely to fall further till next strong supports of 73.40 and 73.10 levels if break below the level of 73.70. On the higher side strong resistances are placed at 74.50 and 74.90 levels.
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