USDINR: The pair is trading well below 50 period EMA – indicating the strength of bears over bulls. MACD is trying to inch below 0 line with a bearish crossover.
Our Preference: – Sell at 69.65-70
Target – 69.40
Stop loss – 69.77
EURINR: The pair formed a Double top pattern on hourly chart. Bearish reversal signal has also occurred on the chart as RSI has turned back from the overbought region and along with that MACD had given us a bearish crossover with Signal line.
Our Preference: – Sell at 80.28
Target – 79.97
Stop loss – 80.43