USD/INR Price News: Bulls and bears battle it out in corrective phase

USD/INR bulls target the 74 figure while bears look to the 73 figure.
The W-formation is compelling on failures below recent lows.

Ross J Burland FXStreet

USD/INR continues to correct the daily bullish impulse made at the start of the month and the following illustrates both a bullish and bearish scenario from a daily perspective.

USD/INR daily chart, bullish scenario

The price if USD/INR has made a 50% mean reversion and could be subject to a bout of demand which would be expected to see it move in on the prior daily support near 74 the figure.

USD/INR daily chart, bearish scenario

On the other hand, the price of USD/INR is being resisted and considering the W-formation, the bears could target the neckline near 73.15.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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