CURRENCY MARKET ANALYSIS - February 16, 2024

USD/INR: The USD/INR currency pair closed at 83.06 in the recent trading session, indicating a bearish sentiment. Momentum indicators signal a downward trajectory, with the daily chart showing a black candle closing below the previous session, underscoring 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 104.25 with a bullish bias. Despite momentum indicators signaling a downward trend, the daily chart presents a long black candle closing near the day's low, suggesting a bearish trend. On the lower side, the pair has intraday support at 104.20. A move below this level may indicate a continuation of the downtrend in the coming days. Immediate intraday resistance is noted at the 104.45 level.

Intraday Levels: Support: 104.20, 104.00, 103.80 Resistance: 104.45, 104.70, 104.90 (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 89.24, exhibiting a bullish bias. Despite momentum indicators signaling a downward trend, the daily chart reveals a white candle closing near the day's high, indicating positive sentiment. Short-term resistance is observed at 89.30; should the pair remain below this level, the recent negative trend can be expected to continue.

Intraday Levels: Support: 89.20, 89.10, 89.00 Resistance: 89.30, 89.40, 89.50 (15-Minute Charts)

Positional Trading: Support: 88.50-87.75 Resistance: 89.30-90.00

JPY/INR: The pair closed at 55.48, higher than the previous day's close, with the daily chart exhibiting a white candle pattern, closing inside the previous day's candle, indicating consolidation. Despite this, momentum indicators signal a negative trajectory. The nearest intraday support is at 55.45, while resistance is at 55.55.

Intraday Levels: Support: 55.45, 55.35, 55.25 Resistance: 55.55, 55.65, 55.75 (15-Minute Charts)

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