USD/INR Price News: Indian rupee bounces from a multi-support level near 74.10
- USD/INR looks to extend gains in the early European trading session.
- Bulls remain hopeful around the multiple support formation near 74.10 level.
- Momentum oscillator remains neutral indicates the wait-and-watch approach.
USD/INR edges higher in the early European trading hours on Thursday. The pair opened lower but swiftly recovered to the session’s higher level.
At the time of writing, USD/INR is trading at 74.20, up 0.12% for the day.
USD/INR daily chart
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On the daily chart, after making a high at 75.01 on July 19, the pair has been under constant selling pressure.
The bearish slopping line offers strong resistance for the bulls. However, prices have been consolidating near 74.10, making it a crucial level to trade.
Being said that, the first upside target could be seen at the 74.35 horizontal resistance level.
Further, a daily close above the descending trendline is required to confirm further upside possibilities toward the high of August 10 at 74.55.
The Moving Average Convergence Divergence (MACD) indicator holds onto the oversold zone for a longer period of time. Any uptick in the MACD would make the meeting of the 74.90 horizontal resistance level a possiblity.
Alternatively, on the downside, a break of 74.00 level, would bring June 18 low at 73.82 back in action, followed by the 73.50 horizontal support level.
Next, price will move toward the June 15 low at 73.17.
USD/INR additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
