USDINR: 58.8725
The pair has formed a bullish island reversal pattern on its daily charts. The support is pegged at 59.05 levels i.e. the lower end of the gap area. Now, with this kind of a reversal pattern it seems that the previous swing high of 59.1350 will be taken off and above that 59.50 is quite likely. On the hourly charts too, the recent rise appears to be a five wave rise, hence any dips towards 58.60 should be utilized to create longs only for the above mentioned targets with a stop of 58.30
EURINR: 78.71
This pair has provided a breakout from the channel which was formed in its A-B-C pullback. This confirms wave V up of wave 3 which has a minimum target of 78.85 and above that 80.40. The crucial support on the lower end is pegged at around 78.10 and till it is trading above that we continue to maintain our bias up.
JPYINR: 61.6975
This pair bounce back in the hourly charts appears to be an A-B-C bounce back. This means that the short term bounce back is corrective in nature. Hence, one can sell on rise as wave C down target is pending.
| Currency | Action | Entry | Target | Stop Loss |
| USDINR | Buy | Near 58.60 | 59.5 | 58.3 |
| EURINR | Buy | Near 78.50 | 80 | 78.2 |
| JPYINR | Sell | Near 62 | 61/60.50 | 62.3 |
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Buy Indian rupee for target of 59.50: Way2Wealth
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