USD/INR technical analysis: U-turn from 61.8% Fibo. recalls 50-day EMA

USD/INR trades below 50% Fibonacci retracement level.
Reversal from 61.8% Fibonacci retracement shifts market focus to 50-day EMA support.
An upside clearance of the key Fibonacci level could print fresh yearly high.

Anil Panchal FXStreet

Having reversed from 61.8% Fibonacci retracement of October 2018 to July 2019 downpour, USD/INR declines to 71.23 ahead of Thursday’s European session.

The pair now aims to visit the 50-day exponential moving average (EMA) level of 70.90 prior to targeting 70.45, including 100-day EMA, during further declines.

During the pair’s additional weakens below 70.45, June month high surrounding 70.12 and 70.00 round-figure will flash on sellers’ radar.

Also supporting the quote’s downside is a bearish signal from the 12-bar moving average convergence and divergence (MACD) indicator.

Alternatively, 50% and 61.8% Fibonacci retracement levels around 71.60 and 72.40 seem to limit pair’s near-term advances, a break of which could print fresh 2019 high by surpassing latest peak near 72.65.

USD/INR daily chart

Trend: bearish

additional important levels

Overview
Today last price	71.2342
Today Daily Change	0.0187
Today Daily Change %	0.03%
Today daily open	71.2155

Trends
Daily SMA20	71.673
Daily SMA50	70.6056
Daily SMA100	70.0304
Daily SMA200	70.1247

Levels
Previous Daily High	71.72
Previous Daily Low	70.9775
Previous Weekly High	72.19
Previous Weekly Low	70.8495
Previous Monthly High	72.375
Previous Monthly Low	68.849
Daily Fibonacci 38.2%	71.2611
Daily Fibonacci 61.8%	71.4364
Daily Pivot Point S1	70.8887
Daily Pivot Point S2	70.5618
Daily Pivot Point S3	70.1462
Daily Pivot Point R1	71.6312
Daily Pivot Point R2	72.0468
Daily Pivot Point R3	72.3737

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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