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  • Mtechtips MCX-SX EURINR INTRADAY trading analysis 04-09-2015

Mtechtips MCX-SX EURINR INTRADAY trading analysis 04-09-2015

Mtechtips MCX-SX EURINR INTRADAY trading analysis 04-09-2015

Mtechtips The euro fell sharply against the dollar in European afternoon trading, after the ECB held interest rates at 0.05%, while downgrading its GDP and inflation forecasts over the next two years. The ECB also kept its marginal lending rate at 0.30% and left its facility rate unchanged at 0.20%.In addition to this, the European Central Bank President Mario Draghi sent a strong signal Thursday that the bank is prepared to expand its already massive bond-buying program, while the central bank also downgraded its inflation as well as growth forecast.The dovish tone of Draghi’s comments boosted European stock markets and pushed the euro lower against the dollar.The central bank lowered its forecasts for inflation and economic growth, citing a slowdown in emerging markets and weaker oil prices.Sell strategy given yesterday around 74.60-74.65 was successful with pair drop towards 73.86 recent low.Near term trend is expect to remain bearish and any rise towards 74.10-74.20 may give intraday sell opportunity. Immediate stop loss will be 74.35 Target 73.65-73.40 levels.
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