USD/INR Price News: Bulls and bears battle it out in corrective phase

• USD/INR bulls target the 74 figure while bears look to the 73 figure.
• The W-formation is compelling on failures below recent lows.

USD/INR continues to correct the daily bullish impulse made at the start of the month and the following illustrates both a bullish and bearish scenario from a daily perspective. 

USD/INR daily chart, bullish scenario

The price if USD/INR has made a 50% mean reversion and could be subject to a bout of demand which would be expected to see it move in on the prior daily support near 74 the figure. 

USD/INR daily chart, bearish scenario 

On the other hand, the price of USD/INR is being resisted and considering the W-formation, the bears could target the neckline near 73.15.