Currency Outlook- 10 Nov:: IndiaNivesh

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USDINR ( November Future)
Succinct Summary of Previous Day
Dollar/rupee settled up by 0.30% on Friday after the
dollar index climbed to over fresh four-year high
following robust US job data that strengthened
expectations of an early rate-hike amid dollar demand
from importers.
The dollar rose to fresh four-and-a-half year highs
against a basket of other major currencies on
Thursday as the euro weakened after European
Central Bank President Mario Draghi reaffirmed its
commitment to unconventional measures.
Technical Review
USDINR finally broke the near term resistance of
61.75 levels and settled at 61.84 level, with the gain
of 0.32%. Today, possible upside level towards 61.98
then 62.20 could be expected following to the above
breakout. Near term Support is at 61.56 levels and a
break below it could result in downside move towards
61.45 levels.


EURINR ( November Future)
Euro posted its single day biggest fall in over five week pulling
the currency pair to fresh 14-month low of $1.2363 following
the ECB meeting outcome on Thursday. However, short
covering kept it slightly firm during the day.
Today, EURUSD may trade negative in the range of $1.2380-
1.2350/euro after ECB policy.
Technical Review:
EURINR remained negative as expected on Friday and settled
with a loss of 0.28% at 76.73 levels. Today, possible pullback
towards 77.00-77.20 could be expected following to the
hammer candle stick on EOD chart. Intraday traders may sell
EURINR around 77.00 target 76.80-76.55 levels with stop loss
of 77.15.0
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