Buy EURINR Above 80.01 Target 81.25 SL 79.60 - GEPL Capital
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News / Other data
* Sterling rose sharply in volatile trading on Thursday, rallying from record lows hit on Monday, after the Bank of England conducted a second day of bond buying to stabilize financial markets.
* China's yuan bounced on Thursday from a 14-year low against the dollar hit in the previous session, snapping eight straight days of losses, after the central bank warned against speculative trading and heavy one-way bets on the currency.
* Taiwan central bank governor Yang Chin-long said on Thursday there would be no foreign exchange controls during his tenure at the bank, adding management measures were sufficient to maintain market stability if there were large capital outflows.
* Pressure on Indonesia's rupiah is expected to be temporary, a senior Bank Indonesia (BI) official said on Thursday, predicting the currency would strengthen to reflect its fundamental value later in the year.
* China's yuan is unlikely to continue depreciating rapidly, the state-owned Securities Times said in a front-page commentary on Thursday, as currencies continue to be pressured by a U.S. dollar boosted by hawkish Federal Reserve monetary tightening.
* Most Asian currencies fell on Thursday, taking little support from a recent dip in the dollar as fears of rising interest rates and a looming recession kept the greenback close to 20-year highs.
Data inference
* 'Actual' greater than 'Forecast' is good for currency
Chart for the day
Observation
* On looking at Daily chart of EURINR, we can spot that the overall trend is on the downside while prices forming Lower Low, Lower High Formation.
* Prices have shown a failure of Head and shoulder pattern, which signs towards the reversal to the upside in the prices.
* Prices have surpassed 20 Days EMA above, which acted as a variable resistance for shorter term price swing.
* RSI have turned strongly on the upside indicating reversal on the upside.
Inference
* Buy above 80.01 Target 81.25 SL 79.60
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