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  • USD/INR remains trapped in a sideways market. 
  • Bears are likely eyeing the 71.60 and 71.20 levels on the way down.
 

USD/INR weekly chart

 
After the 2018 bull-market, USD/INR has been consolidating in a rectangle formation. The quote is trading above its main weekly simple moving averages (SMAs), suggesting a bullish momentum in the long term.  
 

USD/INR daily chart

 
The spot is erasing Monday’s gains while retracing from the February high. The market seems trapped in a range suggesting a potential decline towards 71.60 and 71.20 levels in the medium term. 
  

Additional key levels