Daily Forex Report by www.epicresearch.co 4th March 2013

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indore, India (prHWY.com) March 4, 2013 - HEADLINE
Rupee off 1-1/2 month lows; next resistance at 54.88
Rupee retreats to 54.47/48 from a one-and-half month low of 54.73 reached earlier, as domestic shares recover from three-month lows hit on Thursday. The pair had closed at 54.36/37 on Thursday. The low of 54.73 hit earlier marks the 50 per cent Fibonacci retracement of the decline from 55.89 on November 26 to 52.87 on February 6. Rupee is likely to face its next resistance at 54.88, the low on January 16. Finance minister's clarification on the tax resident certificate issue also improves sentiment for the rupee, traders say.
TRADING TIPS
BUY EUR/INR
* ABOVE 71.95
* FOR TGT
* 72.10/72.25
* SL 71.75
PAST PERFORMANCE
BUY EUR/INR
* ABOVE 71.85
* FOR TGT
* 71.95/72.05
* SL 71.70
* TARGET ACHIEVED
ANALYSIS
DAILY USD/INR CHART
OPEN: 54.9925
HIGH: 55.2650
LOW: 54.7350
CLOSE: 55.2400
* USD/INR LOOKS UPWARDS
* TREND: BULLISH
* STRATEGY: BUY ON DIPS


DAILY EUR/INR CHART
OPEN: 71.8525
HIGH: 71.9900
LOW: 71.5500
CLOSE: 71.9425
* EUR/INR LOOKS UPWARDS
* TREND: BULLISH
* STRATEGY: BUY ON DIPS
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