Sell EURINR Below 79.43 Target 78.5 SL 79.88 - GEPL Capital
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News / Other data
* The U.S. dollar jumped to a new 20-year high against a basket of currencies on Thursday, extending gains after the Federal Reserve raised interest rates and struck a more hawkish than expected tone in its latest meeting.
* South Korea's won tumbled past the psychologically important 1,400 level against dollar for the first time in 13-1/2 years on Thursday on the U.S. Fed's aggressive tightening and defying official warnings against sharp currency moves.
* The dollar surged to a fresh two-decade high on Wednesday after the Federal Reserve raised interest rates by another 75 basis points and signalled more large increases at its upcoming meetings.
* The Canadian dollar slumped to a two-year low against its U.S. counterpart on Wednesday before paring its decline, as investors weighed the Federal Reserve's plans to continue raising interest rates to tackle inflation.
* The pound touched a new 37-year low against the dollar on Wednesday after Russian President Vladimir Putin's accusation of "nuclear blackmail" by the West boosted the safe-haven dollar.
* Asia macro hedge fund managers, many of whom posted strong returns this year, are betting the Japanese yen's unrelenting slide will end soon and some are even priming for a possible tumble in Japanese government bonds.
Data inference
* 'Actual' less than 'Forecast' is good for currency
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 post the breakout from Double top pattern have retested the neckline and have created a Downward gap (which remains unfilled), indicating Continuation in downtrend.
* Prices are currently trading below 20 Days EMA, which is acted as a variable resistance for shorter term price swing.
* RSI is moving in sync with the trend which confirms the down move in the trend.
Inference
* Sell Below 79.43 Target 78.5 SL 79.88
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