Technical Outlook:

EUR/USD:  EUR is currently trading at 1.3400 levels. Euro is trading in red on speculation that the ECB is widely expected to lower thebenchmark interest rate by another 25bps today and the Investors are unwilling to place large bets ahead of the key ECB meeting tonight and the EU Summit as the market participants are doubtful of any long term concrete solution for the ongoing turmoil in the Euro zone. Support is seen at around 1.3364 levels and resistance is seen at 1.3452 levels (100 days 4hrly EMA). EUR/INR is at 69.41 levels. EUR/INR is likely to trade in the range of 69.00 and 69.95 levels for today. Short Term: Bearish Medium Term Bearish Target 1.30 levels. Exporters can look at covers at 69-70 levels.

GBP/USD:  GBP is currently trading at 1.5704 levels. Sterling rallied strongly vs. the greenback and Euro as market participants are pessimistic about any comprehensive deal coming out of the EU summit to tackle the euro zone crisis. Looking ahead UK's key interest rates is expected to remain unchanged at 0.50%. Support is seen at 1.5641 levels (21 and 55 days 4 hrly EMA) and resistance is seen at 1.5767 levels (55 days daily EMA). GBP/INR is at 81.34. GBP/INR is likely to trade in the range of 81.00 and 81.65 levels today. GBP/INR may not fall much due to weakening rupee. Maintain short term Bearish and Medium Term Bearish. Target 1.5500 again.

USD/JPY:  Yen is currently trading at 77.65 levels. Support is seen at 77.35 levels (200 days 4 hrly EMA) while resistance is seen at 78.62 levels (200 days daily EMA). Outlook: Short Term slight Bearish and Medium Term: Maintain bearish for the pair. Next target 76 again.

AUD/USD:  The commodity currency is currently trading at 1.0236 levels. The commodity currency is trading weak vs. the greenback on the back of weaker Employment Change and Unemployment Rate data than expected this morning. Support is seen at 1.0149 levels  (55days daily EMA) and resistance is seen at around 1.0303 levels. Exporters can cover at current levels and Importers can cover below parity levels. Short Term: Bearish Medium Term: Bearish. Target: 0.9700

Oil: Oil is currently trading at 100.49 levels. Oil is trading in red as all eyes are on a policy meeting of the European Central bank today and it is expected to cut key interest rates. Support is seen at 98.76 levels (21 days daily EMA) while resistance is seen at around 101.65 levels. Outlook: Short term bearish and medium term bearish. Target 90-95 levels again. Look at shorts at stiff resistances for medium term.

Gold: Gold is currently trading at 1738.75 levels. Support is seen at around 1706.79 levels (100 days daily EMA) and resistance is seen at around 1800 levels. As suggested earlier stay away from longs until we see significant corrections. Look at Initiating shorts at good resistances. Outlook stays bearish may target 1600-1650 soon. Look at shorts.

Dollar Index: DI is currently trading at 78.42 levels. Dollar is trading quite firm as market participants are quite pessimistic about any comprehensive deal coming out of the EU summit to tackle the euro zone crisis. Support is seen at 77.87 levels (200 days 4 hrly EMA) and resistance is seen at around 78.81 levels. Short term and Medium Term: Bullish. Target 81.

These views/ forecasts/ suggestions, though proffered with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.