USDINR: Immediate strong resistance placed around 65.35 level |

Technical Outlook

USDINR  futures  opened  lower with  gap in  the  last  session and prices corrected for the whole session till low  of 65.02  level. Prices  have taken strong support around  61.8%  Fibonacci  retracement  of  its  rally  from low  of 63.89  till  high  of  65.12,  which  is  placed  at 64.75  level.  Prices are  expected  to hold  this  support and  recover from  these  levels towards immediate strong resistance placed around 65.35 level.

EURINR  futures opened lower in  the  last  session  and  prices consolidated for the whole session in the range of  75.70-75.85 levels. Prices have been correcting gradually after breaking down  from  its short  term rising  trend  line  support and are  expected  to correct further from these levels towards next strong support placed around 38.2% Fibonacci retracement of its rally from low of 68.21 till high of 78.29, which is placed at 74.45 level.

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