- USD/INR weakens amid talks of Indian officials readying measures to boost economic growth.
- 50 and 100-day EMAs join key Fibonacci retracement levels to offer strong downside supports.
The bearish pattern increases the odds of pair’s drop to 70.95/90 support-confluence including 38.2% Fibonacci retracement of July-September upside and 50-day exponential moving average (EMA), a break of which can push sellers towards another important support joint around 70.45/40 comprising 100-day EMA and 50% Fibonacci retracement.
In a case where the quote keeps trading southwards below 70.40, June month high near 70.10 will lure bears.
On the contrary, an upside clearance of 23.6% Fibonacci retracement, at 71.60, could trigger fresh advances of the pair targeting weekly tops near 72.33 and monthly top nearing 72.63.
USD/INR daily chart
Trend: Further declines expected
additional important levels
|Today last price||71.0865|
|Today Daily Change||-0.3060|
|Today Daily Change %||-0.43%|
|Today daily open||71.3925|
|Previous Daily High||71.5525|
|Previous Daily Low||71.0492|
|Previous Weekly High||72.19|
|Previous Weekly Low||70.8495|
|Previous Monthly High||72.375|
|Previous Monthly Low||68.849|
|Daily Fibonacci 38.2%||71.3603|
|Daily Fibonacci 61.8%||71.2415|
|Daily Pivot Point S1||71.1103|
|Daily Pivot Point S2||70.8282|
|Daily Pivot Point S3||70.6071|
|Daily Pivot Point R1||71.6136|
|Daily Pivot Point R2||71.8347|
|Daily Pivot Point R3||72.1168|
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