USD/INR Price News: The rupee falls into key support

USD/INR is meeting the 38.2% Fibonacci as the greenback sinks to fresh lows.
A period of consolidation would be expected as investors eye next catalyst.

Ross J Burland FXStreet

As per the prior analysis, ''USD/INR Price News: Rupee firms at critical daily resistance, eyes 75 the figure,'' the price has continued to deteriorate as forecasted as follows:

USD/INR prior analysis

The price, as illustrated above, was projected to retreat from resistance to target the 38.2% Fibonacci retracement.

USD/INR live market, daily chart

The price has indeed fallen to the target as the US dollar continues to feel the pinch as markets take profit in a buy the rumour sell the fact scenario with respect to the Federal Reserve. From this juncture, the price would be expected to consolidate as traders await the next catalyst.

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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