Daily Forex Report by www.epicresearch.co 6th February 2013

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indore, India (prHWY.com) February 6, 2013 - HEADLINE
Rupee fails to keep gains against dollar
The rupee failed to hold initial gains as stocks remained in red and dollar buying by oil firms supported the US currency, say dealers. The pair was at 53.34/35 vs 53.285/295 last close. It has traded in a 53.2050-53.42 band. The pair earlier rose to a high of 53.2050, which dealers say was largely due to selling by a private petrochemical company. Dealers cite good two-way interest with some flow-related selling and subsequent oil buying. Some selling may come in if the pair falls to 53.45-53.48 levels, adds dealer.
TRADING TIPS:
* SELL EUR/INR
* BELOW 72.26
* FOR TGT
* 72.11/71.96
* SL 72.46
PAST PERFORMANCE
* SELL USD/INR
* BELOW 53.40
* FOR TGT
* 53.28/53.16
* SL 53.58
* ABOVE COST
ANALYSIS
DAILY USD/INR
* OPEN: 53.5700
* HIGH: 53.6500
* LOW: 53.3125
* CLOSE: 53.3350
* USD/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE


DAILY EUR/INR
* OPEN: 72.1125
* HIGH: 72.3500
* LOW: 72.0000
* CLOSE: 72.2675
* EUR/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE

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