USD/INR Price Analysis: Bulls eye a 61.8% golden ratio target

• USD/INR bears are taking control and are moving into daily support. 
• USD/INR could be in for a bullish correction to test the 61.8% Fibo. 

The price of USD/INR has been in the hands of the bears and broke a key level of support this week. The following illustrates the next level of support for which the pair is targeting and the prospects for a potential move back to restest the old support. 

USD/INR daily chart

As illustrated, the price is testing the 73.80s following a strong move to the downside at the end of last week following the Nonfarm Payrolls. Despite a solid outcome for the US jobs sector, investors instead have taken the view that the central banks are far from hiking rates. This leaves a bearish technical outlook for USD crosses as US yields fall in unison with the less hawkish sentiment in the money markets, exposing USD/INR's downside. 

With that being said, the price could still find this area on the chats a tough nut to crack considering how much structure there is between here and the mid lows near 73.40.  Nevertheless, on a restest of the 74.30s, near the 61.8% ratio,  the bears could be inclined to move in at a discount with an aim to fully break the aforementioned support in the coming week.