USD/INR Price Analysis: Indian rupee looks to test 74.05

USD/INR extends slide and test again levels under 74.10.
Technical indicators favor a bearish bias, but the price is near strong support.

Matías Salord FXStreet

The Indian rupee is rising for the fourth consecutive day versus the US dollar on Thursday as it continues to drop toward 74.050. The pair bottomed at 74.085 and then rebounded. It is hovering around 74.115, still holding a bearish bias.

If USD/INR manages to hold firm under 74.100, the road to more losses will likely prevail. A recovery above the mentioned level could favor some consolidation after many sessions of moving south. Recoveries under 74.250 would be seen as corrective, posing no challenge to the bearish short-term perspective.

A recovery above 74.250 would alleviate the pressure and could lead to more gains. The next level to watch is the 20-day moving average at 74.445 and then the 74.600 area, a strong obstacle.

USD/INR daily chart

USD/INR

Overview
Today last price	74.1158
Today Daily Change	-0.0569
Today Daily Change %	-0.08
Today daily open	74.1727

Trends
Daily SMA20	74.4799
Daily SMA50	73.9973
Daily SMA100	73.8568
Daily SMA200	73.6244

Levels
Previous Daily High	74.2486
Previous Daily Low	74.0835
Previous Weekly High	74.612
Previous Weekly Low	74.2104
Previous Monthly High	75.0155
Previous Monthly Low	74.2104
Daily Fibonacci 38.2%	74.1465
Daily Fibonacci 61.8%	74.1855
Daily Pivot Point S1	74.088
Daily Pivot Point S2	74.0032
Daily Pivot Point S3	73.9229
Daily Pivot Point R1	74.253
Daily Pivot Point R2	74.3333
Daily Pivot Point R3	74.418

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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