CURRENCY MARKET ANALYSIS - February 19, 2024

USD/INR: The USD/INR currency pair closed at 83.03 in the recent trading session, suggesting a bearish sentiment. Momentum indicators indicate a downward trajectory, with the daily chart presenting a black candle closing below the previous session, indicating negative sentiment. Short-term resistance is encountered at the 83.10 level; sustained trading below this mark may reinforce a negative trend today. Immediate intraday support is noted at the 83.02 level.

Intraday Levels: Support: 83.02, 82.98, 82.95 Resistance: 83.07, 83.10, 83.14 (15-Minute Charts)

Positional Trading: Support: 82.90-82.70 Resistance: 83.10-83.35

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 104.57 with a positive bias. Despite momentum indicators signaling a downward trend, the daily chart presents a small white candle closing inside the previous candle, indicating the possibility of consolidation. On the higher side, the pair has intraday resistance at 104.70. A move above this level may lead to a further uptrend today. Immediate intraday support is noted at the 104.45 level.

Intraday Levels: Support: 104.45, 104.20, 104.00 Resistance: 104.70, 104.90, 105.10 (15-Minute Charts)

Positional Trading: Support: 104.00-103.00 Resistance: 105-106

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 89.50, exhibiting a bullish bias. Despite momentum indicators signaling a downward trend, the daily chart reveals a white candle closing above the previous resistance at 89.30, indicating positive sentiment. Should the pair remain above this level, the positive trend can be expected to continue.

Intraday Levels: Support: 89.40, 89.30, 89.20 Resistance: 89.50, 89.60, 89.70 (15-Minute Charts)

Positional Trading: Support: 89.30-88.50 Resistance: 90.00-91.00

JPY/INR: The pair closed at 55.40, lower than the previous day's close, with the daily chart exhibiting a Doji candle pattern, closing below the previous day's candle, indicating a downtrend. Despite this, momentum indicators signal a negative trajectory. The nearest intraday support is at 55.35, while resistance is at 55.45. 

Intraday Levels: Support: 55.35, 55.25, 55.15 Resistance: 55.45, 55.55, 55.65 (15-Minute Charts)

Positional Trading: Support: 55.00-54.50 Resistance: 55.75-56.30