Daily Forex Report by www.epicresearch.co 22 August 2012
HEADLINE
Rupee trims initial gains vs dollar, up 9 paise
In restricted trading in view of bank strike, the rupee trimmed its early gains today but is being quoted higher by nine paise to 55.48 against the US currency in the late morning trade on selling of dollars from banks on the back of lower dollar in overseas market.
Euro dips but ECB optimism keeps it near 7-week high
The euro dipped against the dollar on Wednesday as
investors took profit on Tuesday's gains but
expectations euro zone policymakers are readying action to stem the debt crisis kept it close to a sevenweek high.
ANALYSIS
DAILY USD/INR
OPEN: 55.4775
HIGH: 55.6000
LOW: 55.3700
CLOSE: 55.5250
USD/INR LOOKS DOWNWARDS
TREND: BEARISH
STRATEGY: SELL ON RISE
DAILY EUR/INR
OPEN: 69.1500
HIGH: 69.2525
LOW: 69.0375
CLOSE: 69.0675
EUR/INR LOOKS DOWNWARDS
TREND: BEARISH
STRATEGY: SELL ON RISE
TRADING TIPS
Sell USD/INR below
55.34 for targets of
55.20/55.05
Stop loss 55.55
PAST PERFORMANCE
Buy EUR/INR above
68.98 for targets of
69.10/ 69.25
Stop loss 68.78
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