USD/INR Technical Analysis: Stuck in a contracting triangle

USD/INR is trapped in a contracting triangle with resistance and support, currently at 71.37 and 70.78, respectively.

The pair ended last week with a 0.42 percent loss, weakening the bull case put forward by the previous week's long-tailed bullish hammer. So, the probability of the pair falling to 70.78 (lower edge of the contracting triangle) in a day or two is high.

Daily chart

Trend: Bearish