USD/INR Price Analysis: Holds steady above 71.00 handle, lacks follow-through

USD/INR edged higher for the third consecutive session on Monday.
Bulls await a sustained move beyond 71.25-30 horizontal resistance.

Haresh Menghani FXStreet

The USD/INR cross edged higher for the third consecutive session on Monday and built on its recent bounce from one-month lows, or the very important 200-day SMA.

The cross held above the 71.00 handle through the mid-European session, albeit seemed struggling to make it through the 71.25-30 horizontal support-turned-resistance zone.

Meanwhile, technical indicators on the daily chart have recovered from the negative territory but are still far from gaining strong positive traction, warranting some caution.

Hence, it will be prudent to wait for some strong follow-through buying beyond the mentioned barrier before positioning for any further appreciating move towards the 71.55-60 region.

On the flip side, the pair might show some resilience below the 71.00 handle and any subsequent fall should continue to attract some dip-buying interest near the 70.65-60 support zone.

USD/INR daily chart

USD/INR

Overview
Today last price	71.0791
Today Daily Change	0.0405
Today Daily Change %	0.06
Today daily open	71.0386

Trends
Daily SMA20	71.2488
Daily SMA50	71.3455
Daily SMA100	71.2548
Daily SMA200	70.516

Levels
Previous Daily High	71.27
Previous Daily Low	70.89
Previous Weekly High	71.27
Previous Weekly Low	70.5875
Previous Monthly High	71.98
Previous Monthly Low	70.328
Daily Fibonacci 38.2%	71.1248
Daily Fibonacci 61.8%	71.0352
Daily Pivot Point S1	70.8624
Daily Pivot Point S2	70.6862
Daily Pivot Point S3	70.4824
Daily Pivot Point R1	71.2424
Daily Pivot Point R2	71.4462
Daily Pivot Point R3	71.6224

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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