Oct 03 2018

Trade idea for the day

USDINR: The price action has given a upside breakout to the rectangle pattern at 73.00 mark. According to the pattern the target levels comes to around further 70 paisa rally.

Our Preference: – Buy at 73.00

Target – 73.41 and 73.70

Stop loss – 72.75.

EURINR: A formation of double top is seen on the hourly chart – indicating the price fall. Slow Stochastic bearish crossover and negative divergence in overbought region is also proving to initiate a short in EURINR.

Our Preference: – Sell at 84.70

Target – 84.30 and 84.10

Stop loss – 84.85