European Update : Rupee getting stronger against Dollar, will it break or make?
Rising wedge pattern in the USD/INR 4-hour chart:
The USD/INR currency pair is currently exhibiting a rising wedge pattern on the 4-hour chart. This pattern is characterized by converging trendlines, indicating a potential reversal soon. As the price makes higher highs and higher lows within this wedge, it suggests a weakening bullish momentum. Traders may consider monitoring this development closely, as a break below the lower trendline 83.20 could signal a bearish reversal, while a breakout above the upper trendline 83.45 might suggest a continuation of the current uptrend. It's essential to stay vigilant and incorporate risk management strategies during this period of potential market uncertainty.
