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In the last trading session USDINR had a Gap down opening near 71.50 levels and moved lower towards 71.36 levels however by end of the day prices managed to recover towards 71.57 levels. This action has kept Gap down area unfilled.
On daily chart prices have formed Doii candlestick pattern with Gap down, which suggests that momentum might be reducing on upside.
For any downside from here on, prices need to sustain below 71.35 levels where trendline support and 20 periods EMA is placed.
On the other side any move back above 71.60 will open up target towards 71.90 levels. Expect near term range of 71.35-71.90 levels.
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