• FxWirePro: Indian Rupee reverses previous gain against Euro after RBI’s interest rate decision

    Source: FxWire Pro - Technicals / 06 Oct 2019 07:11:13   America/New_York

    • EUR/INR is currently trading around 77.86 mark.
       
    • It made intraday high at 78.11 and low at 77.69 mark.
       
    • Intraday bias remains neutral till the time pair holds key support at 77.98 mark.
       
    • A daily close above 77.98 will drag the parity up towards key resistance around 78.23, 78.75, 79.30, 79.63 and 80.45 marks respectively.
       
    • Alternatively, a sustained close below 77.98 will take the parity down towards key supports around 77.73, 77.12, 76.82 and 76.12 marks respectively.
       
    • India’s repo rate stands at 5.15 pct vs 5.40 pct previous release.
       
    • India’s reverse repo rate stands at 4.90 pct vs 5.15 pct previous release.
       
    • India’s CRR stands at 4.00 pct vs 4.00 pct previous release.

    We prefer to go long on EUR/INR only above 78.10, stop loss at 77.62 and target of 78.75/79.30.

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