Forex Market News

Buy EURINR Strategy 72.70 – 72.50; Target Of 73.18

Euro is trading in a range of 1.0930 , dropping the most against the US dollar in the aftermath of the US election results . Euro made a high close to 1.13 but with the dollar turn around, the pair broke all support levels . Extreme positioning would have forced participants to unwind but we believe that 1.09 – 1.0850 would act as a support.
EURINR Nov futures opened strongly higher in a volatile session and prices rose till intraday high of 75.72 . Later prices took resistance around its short term declining trend line and fell sharply for half of the session and made a low of 73.56. Prices are expected to fall further from these levels towards next strong supports placed at 73.40 and 72.80 levels. Strong resistances are place d at 74.40 and 74.90 levels.
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