USD/INR Price News: Indian rupee rises to fresh high since September 2020

USD/INR stays depressed near multi-day low, drops for third consecutive day.
One-month-old falling trend line, 21-day EMA guard immediate upside.
Immediate support line test bears eyeing September 2020 low.

Anil Panchal FXStreet

USD/INR drops to 72.85, down 0.05% intraday, ahead of Wednesday’s European session. In doing so, the quote remains heavy near the lowest since September 01 while also marking a three-day losing streak.

With the pair’s repeated failures to cross a descending resistance line from December 23 as well as 21-day EMA, amid an absence of oversold RSI conditions, USD/INR sellers have some room on the downside.

As a result, the latest selling pressure can eye the confluence of September low and a two-week-long falling trend line, currently around 72.76.

However, any further weakness may be tamed by the likely oversold RSI conditions, if not them a downward sloping trend line from November 09, at 72.50 now.

Alternatively, an upside break of the stated resistance line and 21-day EMA, respectively around 73.07 and 73.15, can probe the monthly top of 73.56. Though, the USD/INR bulls may not be convinced unless crossing the 74.00 threshold.

USD/INR daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	72.9015
Today Daily Change	-0.0022
Today Daily Change %	-0.00%
Today daily open	72.9037

Trends
Daily SMA20	73.137
Daily SMA50	73.5229
Daily SMA100	73.6417
Daily SMA200	74.4034

Levels
Previous Daily High	73.12
Previous Daily Low	72.8652
Previous Weekly High	73.3271
Previous Weekly Low	72.8916
Previous Monthly High	74.1215
Previous Monthly Low	72.9768
Daily Fibonacci 38.2%	72.9625
Daily Fibonacci 61.8%	73.0227
Daily Pivot Point S1	72.8059
Daily Pivot Point S2	72.7082
Daily Pivot Point S3	72.5511
Daily Pivot Point R1	73.0607
Daily Pivot Point R2	73.2178
Daily Pivot Point R3	73.3155

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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