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FxWirePro: Indian rupee touches monthly high against US dollar at 67.19, buy on dips

  • Pair is currently trading at 67.2650 levels. 

  • It made intraday high at 67.34 and low at 67.22 levels. 

  • A recent downfall from 68.74 likely to stop here and short term trend reversal is expected from key support level at 67.22 marks. 

  • A daily close below 67.22 will drag the parity more down towards 66.84 marks.

  • In addition, pair likely to consolidates below key resistance levels at 67.58/68.00 marks thereafter.

We prefer to take long position in USD/INR around 67.05, stop loss 66.93 and target 67.45/67.62 levels.

 

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