USDINR failed to cross its previous high
USDINR USDINR is moving sideways direction for almost a week within a range of 55.60-54.20. It is very essential for this pair to give a break on either side of the extremes to give a clear direction. Prices failed to cross its previous high and faced the resistance of 61.8% retracement of previous down move (56.50-54.20). The currency pair opened at 55.38 made a high of 55.48 and closed below the open price, thus eradicating all gains. As per wave perspective, prices a forming a simple correction (a-b-c) as price completed wave A at 54.20 and is moving lower, a break below 55 will confirm that wave B is ongoing. In short, our bias is negative USDINR as it will come down to test its lower extreme of the range placed at 54.50. EURINR EURINR bounced back form the lower trend line of the rising channel. The overall structure is positive as the currency pair is forming higher high and higher low. EURINR took a support at 61.8% retracement and managed to move above 72.30 whic