EURINR likely to trade in range of 68-68.50: India Forex

India Forex has come out with its report on EUR, GBP, AUD, JPY, oil, Gold, and Dollar index. According to the research firm, EURINR is like to trade in the range of 68.00 and 68.50 levels.

EUR: The single currency is currently is trading at 1.3330 levels. Lower US 10 yr yields on the board helped dollar to recover. Support is seen at 1.3272 levels (100 days daily EMA) and resistance is seen at around 1.3479 levels. EUR/INR is at 68.21 levels. EUR/INR is likely to trade in the range of 68.00 and 68.50 levels. Outlook: Short Term Bullish and Medium Term Bearish Target 1.3000 levels again. Exporters cover EUR/USD pair above 1.33 levels.

GBP: Pound is currently trading at 1.5957 levels. Sterling is trading quite firm after better CBI Realized Sales fig-ures yesterday providing support to the GBP/USD pair. Support is seen at 1.5916 levels (21 days 4 hrly EMA) while resistance is seen at 1.6000 levels. GBP/INR is at 81.55 levels. GBP/INR is likely to trade in the range of 81.20 - 81.70 levels today. Maintain short term Bullish and Medium term Bearish. Target 1.55 levels again. Exporters cover GBP/USD pair at current levels.

AUD: AUDUSD is in under pressure today at its currently trading at 1.0431 levels. RBA Financial Stability Review is due today. Support is seen at 1.0310 levels (55 days Weekly EMA) while Resistance is at around 1.0540 levels (21 days daily EMA) and next 1.0720 levels. AUDUSD importers to cover short term on dips. Short term and Medium term Bearish. Target: 1.02 and then parity.

JPY: USDJPY is currently trading at 82.93 levels and touched high of 83.38 levels. In this week Unemployment Rate and Manufacturing PMI are due to release. Support is seen at 82.40 (21 Days Daily EMA) while Resistance is at around 84.10 levels. Short Term maintain Bullish for the pair Target 85 levels and then 90.

OIL: Crude oil is currently trading at 106.75 levels. Oil is trading slight weak as investors bet that rising US stock-piles may falter crude demand in the world's biggest crude-consuming nation. Support is seen at 106.29 levels (21days EMA in daily) while the resistance comes around 107.20 levels. Overall looking bullish at least for short term.

GOLD: Gold is trading at 1680.10 levels. Support is seen at 1668.81 (55 days 4 hrly EMA) and the resistance comes at 1691.21 levels (55 days daily EMA). Overall bearish target 1600 dollars. Sell on rallies.

DI: Dollar index retreat higher from yesterday levels and it is currently trading at 79.07 levels. Lower US yields have helped in US Dollar recovery. Recent comments by the Fed suggests that the Fed will maintain its zero-interest rate policy throughout 2012 despite continuous better economic data coming out of the US.Looking ahead Durable Goods Orders m/m due to release today. Support for DI is seen at 78.40 (200 days daily EMA) while the resistance is seen at around 79.80. Target 81

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