Currency Outlook

EUR/USD:
After the bounce from 1.3200, this pair is in consolidation mode. Now the following key level on daily close basis needs to be watch for the further move (1.3550, 1.3800 for bull tone & 1.3360, 1.3225 for bear tone). Close back below will reopen the possibility of retesting of key support at 1.3145.

GBP/USD:
Below 1.5870 this pair is still in bear tone only, only break above this level can open door for further higher move. The present momentum is indicating that close below 1.5575 will take it towards 1.5420 and close below this level will clear the way for retest of 1.5270

USD/INR:
Rupee gained one Rupee appreciation last week on account of decision by US Fed with major central banks to reduce the swap rates on the dollar swaps. Also there was rally in equity due to lower inflation numbers and rumours of a CRR cut. On Friday evening there was Dollar appreciation against all the majors on account of lower unemployment rate.
As Rupee is taking its clues from global market, it is expected that Rupee will hold its support at 50.95 and will retest is resistance at 51.70 and 51.90 respectively during this week.