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USDINR: Weakness in the counter

Way2wealth | 06 Aug, 2012  | Follow Author | Add to my Favourites 


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.


Action: Sell
Entry: 55.4
Target: 53.5
Stop: 56.05


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.



Action: Sell
Entry: Below 68.5
Target: 67.5
Stop: 69.11

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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