Buy USDINR around 65.16 at stop loss of 64.92 | Intraday | Forex Trading | IndiaNotes.com
As expected USDINR pair rebounded higher after opening at 65.08 and ended almost near the day high of 65.25. Pair has given break of flag pattern and once again surged above the key level of 61.8% retracement mark. For the day, the immediate support is at 65.07 and resistances are seen at 65.50 then 65.68 levels. Therefore, we recommend buying on minor dips around 65.16 for targets of 65.50 and higher for the day.
After a sharp bounce, EURINR pair remained subdued note in yesterday’s session and ended on flatish at 80.80. Pair has just ended above the break out level of 80.60 and this is likely to hold as key support and we continue to recommend buying around these levels for upside targets of 81.40 then 81.80 for the day.
GBPINR pair once again rebound higher from the prior session low and surged till the trend line resistance of 90.66 and settled at 90.56. Pair is still trading below the trend line resistance and is not providing clear break out is indicating stiff resistance at higher levels. Thus, we continue to recommend selling on rise around 90.60 levels for the day.
In yesterday’s session, JPYINR pair opened slightly lower at 61.44 and made low of 61.33 and from there it once again recovered and ended at 61.53 making positive candle stick pattern. The immediate supports are at 61.10 then 60.65. The momentum indicator stochastic has made negative cross over and is likely to provide minor correction in the pair. Hence, we recommend buying on dips around 61.20 levels for upside targets of 61.70 and higher.
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