The USDINR sellers had their chance – at least in the short term. The price moved below a swing level at 89.7830. The price moved below the rising 100 hour MA (blue line currently at 89.8838. The price moved below a rising trend line.

However, the price could not extend below the 38.2% target at 89.6566 and the price has since pushed back higher.

The current price is back above the 100 hour MA at 89.8838 and above the broken trend line. It is back above the swing level at 89.7830 as well. What was support, is support again.

If the price can stay above those levels, The buyers are still in control. The burden of proof is on the sellers to push to the downside.