USD/INR stays mildly heavy, no matter currently choosing up bids round 73.73, all through the early Monday’s trading. The pair prints a bearish chart pattern, head and shoulders, on the hourly (1H), play whilst retaining its momentum under 200-HMA.
As a result, the pair agents continue to be hopeful whilst ready for a clear draw back smash of the cited bearish pattern’s neckline, at 73.69 now.
Should the quote efficiently breach 73.69, the month-to-month low round 73.40 and the seventy three round-figure can trap the USD/INR bears.
Though, lows marked in October and September, respectively round 72.95 and 72.75, can undertaking the pair’s draw back past-73.00.
Meanwhile, the pair’s upside clearance of 200-HMA, at 73.82 now, can eye for the seventy four and the month-to-month top close to 74.05.
Overall, the bearish momentum is paused, for now, however the chart patterns advocate some extra draw back is likely.