India Forex`s technical outlook on currencies

India Forex has come out with its report on currencies

EUR: Euro is currently trading at 1.3265 levels. The EU/IMF finally cleared the bailout package for Greece, the most awaited deal to be passed. Private bondholders of Greek debt expected to take 53.5% haircut on the nominal value of their bond investments. Greece will need additional relief if it is to cut its debts to 120% of GDP by 2020 and if it doesn't follow through on structural reforms and other meas-ures, its debt could hit 160 percent by 2020, a confidential analysis conducted by the IMF, European Central Bank and European Commis-sion shows. Support is seen at 1.3180 levels ( 21Days 4Hrly ema) and next 1.3140 levels, Resistance is seen at 1.3300 levels (100Days Daily EMA). EUR/INR is at 65.08 levels. EUR/INR is like to trade in the range of 64.80 and 65.40 levels for the week. Short Term Bullish Medium Term Bearish.

GBP: GBP is currently trading at 1.5844 levels. The pound rises vs. the US Dollar tracking positive euro and positive risk sentiment in the market. Looking ahead Public sector net borrowing expected weak. Support is seen at 1.5780 levels (55 days daily EMA) while resistance is seen at 1.5880 levels (Recent high). GBP/INR is at 77.74 levels. GBP/INR is likely to trade in the range of 77.50- 78.00 levels today. Maintain short term Bearish and Medium term Bearish. Target 1.55.

AUD: AUD is currently trading at 1.0730 Levels. In the Minutes of the February 7th monetary policy meeting where the Reserve Bank Board decided to leave the cash rate unchanged at 4.25%, the Board noted that growth is expected to be close to trend and inflation con-sistent with the target,

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