USD/INR Price News: Indian Rupee drops hard into daily support, 75.50s eyed
|- Indian Rupee takes on the US dollar in a sharp move.
- USD/INR bulls could be looking to step in for a scalp towards prior H1 resistance.
In a risk-on environment, USD/INR has suffered a very hard landing into a daily support structure and the following illustrates the prospects of near term correction in holiday thin markets.
USD/INR daily chart
As illustrated, there is now some room for a correction from the daily support structure that could target the prior highs looking left that have confluence with the 38.2% Fibonacci retracement level. This is located near to 75.60.
USD/INR H1 chart
From an hourly perspective, the price has already rallied to the 61.8% Fibo of the hourly impulse. If this breaks, then the bulls will be well and truly in control. 75.50s will be eyed.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.