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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.