• USD/INR consolidates the biggest daily jump since mid-June.
  • Sluggish Momentum, failures to cross July’s top keep pair sellers hopeful.
  • 50-DMA, previous resistance line challenge bears, 75.63-65 becomes the key hurdle for the bulls.

USD/INR remains on the back foot around 74.85, down 0.20% intraday during early Monday morning in Europe. The Indian rupee (INR) pair poked the monthly high the previous day while posting the heaviest daily jump since June 17.

However, failures to provide a daily closing beyond July’s peak and sluggish Momentum line favor short-term bears.

That said, the latest pullback is likely to extend towards a convergence of the 50-DMA and previous resistance line from October 12, around 74.60-58.

It should be noted, though, that any further downside past 74.58 will not hesitate to challenge 38.2% Fibonacci retracement (Fibo.) of February-October upside and an ascending support line from September 01, respectively around 74.30 and 74.10.

On the flip side, a daily closing beyond July’s high of 75.01 will aim to cross the double tops surrounding 75.65. Following that, a run-up towards the 76.00 can’t be ruled out.

To sum up, USD/INR bulls remain on the driver’s seat but intermediate pullbacks can be expected.

USD/INR: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 74.8048
Today Daily Change -0.1917
Today Daily Change % -0.26%
Today daily open 74.9965
 
Trends
Daily SMA20 74.4199
Daily SMA50 74.5558
Daily SMA100 74.3046
Daily SMA200 73.9357
 
Levels
Previous Daily High 75.1025
Previous Daily Low 74.496
Previous Weekly High 75.1025
Previous Weekly Low 74.3021
Previous Monthly High 75.651
Previous Monthly Low 74.0821
Daily Fibonacci 38.2% 74.8708
Daily Fibonacci 61.8% 74.7277
Daily Pivot Point S1 74.6275
Daily Pivot Point S2 74.2585
Daily Pivot Point S3 74.0209
Daily Pivot Point R1 75.234
Daily Pivot Point R2 75.4716
Daily Pivot Point R3 75.8406

 

 

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