Today EUR/USD outlook
Thanks to http://www. fx street .com
The pair traded in a narrow range on yesterday due to the Memorial Day in the U.S. and the Spring Bank Holiday in the U.K.
Support is now seen at 1.3420 backed by 1.3410 and 1.3380. Resistance is noticed at 1.3460 followed by 1.3473 and 1.3500. Hourly sentiment is slightly bullish, daily studies are bearish. A daily close above 1.3500 would signal a full reversal but on this morning it doesn’t offer any clues regarding a potential recovery. It may resume its recovery, putting the 1.3500 barrier under pressure but only if 1.3420 holds. There were better chances for a recovery while the Euro was supported by 1.3450 but now it declined below the said support, we may assist to yet another step towards the 1.33 area. Close attention should be paid to the resistance level at 1.3460 and the support at 1.3220. A break on either side may decide the upcoming market direction. Current quote is 1.3441 @ 06:00 GMT
Rupee reacts against dollar
MUMBAI: The rupee moved downwards to close at 40.8550/8650 against the U.S. currency on Thursday, following firm dollar overseas and short-coverings, despite strong equity markets.
In lacklustre activity at the interbank foreign exchange (forex) market, the Indian unit opened slightly lower at 40.82/84 a dollar from the previous close of 40.78/79. It later recovered to a high of 40.77.
However, the rupee later failed to maintain higher levels and touched a low of 40.88 a dollar on the back of dollar buying by oil refinery companies. Finally, it closed the day at 40.8550/8650, down by 7.50 paise over the previous close. — PTI