Way2Wealth has come out with its report on currencies. According to the research firm, one can sell USDINR around 62.70 for the target of 62.55 with a stop loss of 62.80
USDINR (62.71)
Exactly in line with our weekly view the pair USDINR gave away it's losing streak and closed much higher. The pair traded with strong momentum throughout the session to close with huge gains of 0.32%.
In the upcoming session, 62.80 will now act as a strong resistance for the pair. Therefore, we might witness some selling pressure which can drag the pair back to 62.65 – 62.55 levels. Overall, the bunch of swing lows like 62.39 - 62.29 – 62.20 will continue to act as a decisive supports of the pair.
GBPINR (91.58)
Initially GBPINR maintained its downside journey on Monday and inched towards the 91 mark. However, as mentioned in our previous report the oversold prices reacted in the second half and the pair rebounded sharply to close with decent gains of 0.26%.
Going ahead, a move above Monday's high of 91.62 might pull the pair further towards 92 mark. On the lower side, 91.25 – 91.00 levels might act as a strong support for the pair.
EURINR (66.04)
As expected EURINR failed to sustain above its crucial support of 66 on Monday but surprisingly it succeeded in close above the same with a loss of almost a quarter percent.
We continue to maintain our view that a sustainable move below 66 mark can lead to a sharp selloff in EURINR wherein the targets on the lower side could be 65 and below.
| Currency | Action | Entry | Target | Stop Loss |
| USDINR | Sell Around | 62.70 | 62.55 | 62.80 |
| GBPINR | Buy Above | 91.65 | 92.00 | 91.42 |
| EURINR | Sell Below | 65.96 | 65.20 | 66.20 |
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To read the full report click here
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Sell USDINR around 62.70; target of 62.55: Way2Wealth
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