USDINR STRONG IMPORTANT LEVEL
Updated
Hello friends,
First, I love India and the Indian people. I made an analysis for the Indian rupee and I think it is on a very important level now. You see the huge rising channel, in which a small falling one is formed. I have indicated the important levels on monthly and weekly charts, which were just hit. We saw a strong rejection from these levels, which means that the price is struggling to fall down further. If the daily candle closes today with a bullish candlestick pattern, I drew the path upside. However, my opinion is that we would only make a price correction in order to break those levels and fall further. Downside levels are really strong and if those are broken we might see a massive crash of the price. I advise you to follow the fundamental analysis of the Indian economy because it is an integral part of this trade. I will also upload pictures under this trade in order to see closer daily candle and fibonacci levels. I will update this trade and follow it closely!
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Namaste! I wish you all the best and bags of profits during the new year.
First, I love India and the Indian people. I made an analysis for the Indian rupee and I think it is on a very important level now. You see the huge rising channel, in which a small falling one is formed. I have indicated the important levels on monthly and weekly charts, which were just hit. We saw a strong rejection from these levels, which means that the price is struggling to fall down further. If the daily candle closes today with a bullish candlestick pattern, I drew the path upside. However, my opinion is that we would only make a price correction in order to break those levels and fall further. Downside levels are really strong and if those are broken we might see a massive crash of the price. I advise you to follow the fundamental analysis of the Indian economy because it is an integral part of this trade. I will also upload pictures under this trade in order to see closer daily candle and fibonacci levels. I will update this trade and follow it closely!
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Namaste! I wish you all the best and bags of profits during the new year.
Note
Note
Currently, the price stopped at 50% of the Fibonacci retracement level. History has shown that 50% has always been an important level for INR.Trade closed: target reached
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