NiveshDaily Currency | November 11, 2014

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USDINR ( November Future)
Succinct Summary of Previous Day
After 19 paisa gap down open, dollar/rupee traded range
bound in start of the week amid lack of global economy
cues while Dollar index hovered below a four-year peak
on Monday, having lost a bit of altitude late last week
after U.S. jobs data fell short of expectations, prompting
some investors to take profits on extremely long
positions.
Technical Review
USDINR traded in between the range of 61.70-61.62 on
Monday. Today, possible upside level towards 61.88 then
61.98 could be expected following short term
consolidation pattern. Near term Support is at 61.56
levels and a break below it could result in downside move
towards 61.45 levels and below.

EURINR ( November Future)
The euro pushed higher against the dollar on Monday after
Friday’s U.S. jobs report fell short of expectations, but gains
were checked after weak Italian data fuelled fears that its
economy is falling back into a recession..
Technical Review:
EURINR has stalled its decline and recovered more than half
percent and sell strategy given at 77.00 has been triggered at
77.15. In near term pullback is expected to continue towards
77.37 then 77.50 levels following to the formation of morning
doji candle stick on EOD chart. Intraday traders may buy
EURINR above 77.15 target 77.37-77.50 stop loss 77.00(CMP
77.12).
EURUSD may trade in the range of $1.2520-$1.2500/euro.

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