EURINR Oct futures opened marginally down with gap and prices consolidated for half of the session in the range o f 73.35- 73.50. Later prices resumed selling after making intraday high of 73.50 and continued to fall for the remaining session and made a fresh 8 months low of 73.30 at the closing. Prices are expected to this level towards next strong supports placed at 7 3.05 and 71.75 levels.
Euro is trading at 1.0978 , bouncing from the lows near 1.0955 that were seen yesterday . ECB monetary policy and press conference is scheduled for today and there can be a considerable volatility in the pair . Markets would focus on the press conference after the meeting after the news about QE taper was circulated recently . We do not expect a steep fall and believe Euro would come back towards the 1.10 level.
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