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Published on 12/03/2018 10:38:02 AM | Source: GEPLCapital Ltd

EUR/USD dropped to 1.2273, the lowest level since Monday - GEPL

Posted in Currency Report| #GEPLCapital Ltd #Currency Tips

Market Commentary

The U.S. economy created 313,000, well above the 239,000 jobs created in January, according to a report released Friday by the U.S. Department of Labor. That beat economists’ payrolls forecast of 200,000. The index fell 0.13% to 90.12.

After the report, EUR/USD dropped to 1.2273, the lowest level since Monday. Then rebounded and during the American session rose to 1.2335, printing a fresh daily high. Near the end of the day, it was hovering slightly above 1.2300, flat for the day and the week. GBP/USD rose 0.46% to 1.3872

USD/JPY rose 0.57% to Y106.82 after the Bank of Japan decided to stand pat on interest rates, and kept its target on bond buying levels unchanged, tempering expectations that the central bank would unwind its easing policy sooner rather than later.

USD/INR opens at 65.17 below the previous close of 65.25. Prices were able to sustain above 65 making a low of 65.16. In the second half bulls were in full swing making a high of 65.32 and closed at 65.29. For today we expect the pair to trade between 65.10-65.55. If prices sustain above 65.10 we might see prices testing 65.50.

USDINR Technical Outlook

Observations:

* Prices break above the lower low lower high pattern

* ADX=26, RSI making higher high higher low and MACD above the zero line indicating bullish momentum is building

Inferences:

* Trend to remain bullish till 64 is not broken on the downside

* If prices sustain above 65.10 we might see prices testing 65.50.

EURINR Technical Outlook

Observations:

* Prices closed below the resistance turn support placed at 80.60

* Negative divergence between price and indicators indicating caution

Inferences:

* Trend to remain bullish till 79.70 is not broken on the downside

* If prices sustain below 80.60 we might see prices testing 80 levels

GBPINR Technical Outlook

Observations:

* Prices are trading in the range 89.86-91.23

* ADX, RSI and MACD rounding of at same time indicating 91.86 to be an short term top

Inferences:

* Trend to remain bullish till 89 is not broken on downside

* If prices sustain above 89.80 we might we prices testing 91.25 levels.

JPYINR Technical Outlook

Observations:

* Prices close below the gap and close above the support placed at 61

* ADX and RSI rounding of indicating 61.99 to be an short term top

Inferences:

* Trend to remain bullish till 60 is not broken on the downside

* If prices sustain below 61.22 we might see prices testing 60.60 levels.

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