USDINR: Buy around 65.13 for upside targets of 66.12 | Outlook on currencies | Investment Idea | Indianotes.com
Last week, USDINR futures started on a strong note by opening higher with gap and prices rose further for three consecutive sessions till high of 65.13. Later in the last session of the week, prices corrected sharply and settled around 64.73.
Prices have been rising gradually since last one month after making a 2.5 years bottom at 63.38 level.
Prices have broken out from its short term declining trend line resistance in the last week and closed just around the same on weekly basis.
Prices are expected to recover further from these levels if break above its last week’s high of 65.13 level towards next strong resistance placed around its previous swing high of 66.12 level. On the lower side, immediate strong supports are placed around 64.65 and 63.87 levels.
EUR INR futures opened lower in the last week and prices corrected gradually for the whole week till low of 79.56. Price have been moving in a medium term rising trend channel pattern since last three years and is facing strong resistance at its upper rising trend line since last few weeks.
Prices are expected to correct further from these levels towards immediate strong support placed around its short term rising trend line coinciding with 23.6% Fibonacci retracement of its rally from low of 68. 21 till high of 80.59, which is placed around 77.67 level.
On the higher side, immediate strong resistances are placed around 80.00 and 80.60 levels. Selling below 79.50 level is recommended in EURINR for the short term trading opportunities.
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