The JPYINR pair opened on a positive note and then got hammered, to end the session near the low of the day - Axis Securities
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USD/INR
The Dollar index moved higher after a soft open, and rallied higher towards the 104.80 ahead of the inflation data. The USDINR witnessed some sell off in the noon and the pair printed a low of 82.92. On the daily chart we can see that the pair ended the session with a small bodied candle with long upper and lower wicks, indicating indecisiveness in the pair. The RSI plotted in the daily chart can be seen forming bearish crossover, indicating presence of bearish momentum in the pair. In the sessions to come, 83.30-83.20 is expected to act as a resistance level. On the downside the immediate support is placed near the 82.90-82.80. If the pair manages to break below the 82.70 we might see it move lower towards the 82.50.
EUR/INR
The Dollar gaining momentum during the day pushed the EURUSD pair lower, which in turn put a lot of pressure on the EURINR pair. On the daily chart, we can see that the EURINR pair ended the session on a negative note despite a positive open. The RSI plotted on the daily chart, can be seen flattening near the oversold zone, indicating lack of bullish momentum in the pair. Since the past couple of sessions the pair has been forming a lower low lower high pattern, indicating presence of bearishness in the pair. On the downside the immediate support is placed near the 88.80 mark, if the pair breaches below the 88.80 we might see the pair make a move towards the 88.50 zone. On the upside the immediate resistance is placed near the 89.40.
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