USDINR: The price action has given a upside breakout to the rectangle pattern at 73.00 mark. According to the pattern the target levels comes to around further 70 paisa rally.
Our Preference: – Buy at 73.00
Target – 73.41 and 73.70
Stop loss – 72.75.
EURINR: A formation of double top is seen on the hourly chart – indicating the price fall. Slow Stochastic bearish crossover and negative divergence in overbought region is also proving to initiate a short in EURINR.
Our Preference: – Sell at 84.70
Target – 84.30 and 84.10
Stop loss – 84.85