I am of the belief that currency price movement should be around fundamental values. A weaker yen against the US dollar is reflecting the same. Growth difference between USA and Eurozone is very wide. Euro should fall against the US dollar. We prefer to buy near dated as well as far dated put options of euro/usd and euro/inr. One needs to use higher stop losses for selling naked spot and future of euro/usd and euro/inr.
Usd/inr April 2014: It can rise to 60.88 and 61.32 as long as it trades over 60.5350. There will be sellers only below 60.5350
Euro/inr April 2014: A break of 83.82 will result in 84.19 and 84.76. Initial support is at 83.60 and there will be sellers only below 83.60
Gbp/Inr April 2014: It needs to trade over 101.90 to target 102.15-102.69. There will be sellers only below 101.66 today
Jpy/Inr April 2014: It can rise to 59.42 and 59.77 as long as it trades over 58.77.
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