USDINR moved downwards as expected in previous post...
Now, considering a strong 50 EMA support, we have got Bullish Engulf on it.
Past behavior of USDINR also gives us a reference that whenever we have a bullish pattern at 50 EMA support,
we get an uptrend. ( Right now, trend can be cautious bullish, however, if it crosses All Time High, then we may get a fast move too.)
And looking at Option Chain of Currency, there are significant writers at 79.5 PE
Overall, verdict is bullish and strategy can be Bull Put Spread.
SELL 79.5 PE and Buy 79.25 PE for downside protection...
Plan Your Trade and Trade your Plan !!!
Happy Trading !