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- USD/INR Price News: Indian rupee struggles at one-week low, 74.10 in focus
USD/INR Price News: Indian rupee struggles at one-week low, 74.10 in focus
- USD/INR retreats from intraday high during three-day uptrend.
- Firmer Momentum line, clear break of 50-SMA, descending trend line from December 24 keep buyers hopeful.
- 100-SMA guards immediate upside, monthly low adds to the downside filters.
USD/INR eases from weekly top to 74.17 during early Monday morning in Europe. In doing so, the Indian rupee (INR) pair challenges the three-day rebound from the late September levels.
Even so, a clear upside break of the 50-SMA and a three-week-old descending trend line, around 74.10, keep USD/INR buyers hopeful. Also adding to the bullish bias is the firmer Momentum line.
With this, USD/INR bulls eye the 100-SMA level of 74.37 ahead of challenging the monthly peak near 74.70.
Following that, 200-SMA and 50% Fibonacci retracement of December 15 to January 12 downside, respectively around 75.00 and 75.15, will be crucial.
Meanwhile, a downside break of 74.10 will need validation from the 74.00 threshold before directing the USD/INR bears towards the latest swing low surrounding 73.70.
In a case where the quote remains bearish past 73.70, the 73.35 and September’s low around 72.90 should gain the pair sellers.
USD/INR: Four-hour chart
Trend: Further weakness expected
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