The bearish view put forward by the range breakdown on Friday has been reinforced with today’s 0.12 percent drop to 70.80.
Add to that, the descending 5- and 10-day moving averages (MAs) and the fading Indo-Pak tensions and the probability of a drop to the 200-day MA of 70.65 appears high.
A close below that average would only bolster the bearish technical setup, opening doors to Feb. 13 low of 70.40.
Daily chart
Trend: Bearish