USDINR ended below the uptrend line support, on the daily chart. This indicates weakness in the counter. Moreover, breakdown below 55.4 will complete the double top chart pattern. Projected target according to which is around 53.5 levels.
EURINR in the past week tested the stiff resistance line, visible on the charts. Prices ended with the bearish candle, indicating some correction from current levels.
Entry: Below 68.5
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- GBP/USD: Overall bearish outlook remains intact
- USD/JPY remains in the range bound mode
- Currency update: The Indian Rupee traded to a seven week low
- EUR/USD: Bearish outlook remains intact
- USDINR: 62.00-62.50 levels are likely to act as resistance
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