The pair is likely to trade with negative bias and any pullback near immediate resistance of 88.20 level - Monarch Networth Capital
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CURRENCY TECHNICAL OUTLOOK
* The USD/INR futures pair has support at 83.20 levels whereas resistance is placed at 83.50 levels. The pair is expected to range bound until either side level is breached
* The EUR/INR futures pair has support at 87.80 levels whereas resistance is placed at 88.20 levels. The pair is expected to find resistance at higher level and trade weak below 87.80 level up to 87.70 and 87.60 levels
* The GBP/INR futures pair has support at 101.00 levels whereas resistance is placed at 101.40 levels. The pair is expected to find resistance at higher level and trade weak below 101.00 level up to 100.90 and 100.80 levels
* The JPY/INR futures pair has support at 56.00 levels whereas resistance is placed at 56.50 levels. The pair is expected to find resistance at higher level and trade weak below 56.00 level up to 55.90 and 55.80 levels
CHART OF THE DAY
EURINR (DAILY CHART)
Strategy: Intraday
* EURINR pair traded with negative bias in the last trading session; and prices are trading below downward trend line.
* The pair is likely to trade with negative bias and any pullback near immediate resistance of 88.20 level should be taken as selling opportunity targeting 87.80 – 87.70 levels on lower side
* For Intraday session, it has support at 87.80 – 87.70 levels whereas resistance is placed at 88.20 – 88.30 levels
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