USD/INR Price Analysis: Indian Rupee bulls stepping in, 74.80s eyed

USD/INR is consolidating following a series of downside impulses on the daily chart.
Should support hold at this point, then there will be a focus on prior support near 74.80.

Ross J Burland FXStreet

USD/INR bulls recently stepped in to support what was a strong surge to the downside following a month of losses. The following illustrates the current market structure and potential course for the Indian Rupee for the days ahead.

USD/INR daily chart

As illustrated, the price of USD/INR has revisited the trendline breakout area and is now at a critical juncture from which structure would be expected to act as support in the near term.

Subsequently, the price would be anticipated to correct higher prior to the next impulse to the downside. The 61.8% Fibonacci retracement level is compelling near to 74.80 where it meets a prior support area established in late November.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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