USDINR and EURINR - 16 July-20 July 2012

USDINR
USDINR resisted on higher levels last week and could not give any closing above the level of 56.0000. The triangle pattern so formed on daily charts is expected to give a breakout below the level of 54.8475 and bears may drag it towards lower levels. While on higher side, 56.1000 will resist it to rise further.

EURINR
EURINR showed another major downfall for second consecutive week. On daily charts, Fibonacci Retracements so drawn from its lower levels indicates that it may test 61.8% retracement of 66.9000 in the coming sessions below which more weakness is seen. While, 38.2% retracement around 68.7800 is seen as major resistance for the coming week.

Stock Tips Equity Tips

USDINR
USDINR moved in the range of 53.8000-54.5000 last week. It is moving in downward channel pattern and is expected to test the upper band of channel. It will find stiff resistance near to the level of 55.0000 while 53.5000 is seen as strong support for it.

EURINR

EURINR on its daily charts had broken the trend line acting as support for it and looks bearish in the further sessions. If it crosses its 38.2% retracement of 69.2000 then it may fall towards its next support level of 68.8000. However, major resistance still is seen at 70.5400.