Daily Forex Report by www.epicresearch.co 22 August 2012
HEADLINE
Rupee at one-week high tracking rise in shares, euro :
Rupee is trading at 55.46/47, after hitting a one week high of 55.4550, tracking gains in global risk assets. The partially convertible rupee closed at 55.73/74 per dollar as per the SBI closing rate versus its previous close of 55.75/76.
Euro listless on ECB doubts, seen vulnerable:
The euro trod water on Tuesday but appeared increasingly vulnerable to a reverse amid festering doubts over whether policymakers can reach an accord for action next month to lift some pressure off debt stricken euro zone countries.
ANALYSIS
DAILY USD/INR
OPEN: 55.6150
HIGH: 55.6750
LOW: 55.4825
CLOSE: 55.5575
USD/INR LOOKS UPWARDS
TREND: BULLISH
STRATEGY: BUY ON DIPS
DAILY EUR/INR
OPEN: 68.7500
HIGH: 68.9800
LOW: 68.6300
CLOSE: 68.9525
EUR/INR LOOKS UPWARD
TREND: BULLISH
STRATEGY: BUY ON DIPS
TRADING TIPS
Buy EUR/INR above68.98 for targets of 69.10/ 69.25 Stop loss 68.78
PAST PERFORMANCE
Buy USD/INR above 55.85 for targets of 55.97/ 56.10Stop loss 55.70
Not executed
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