USD/INR technical analysis: 100-bar EMA, 38.2% Fibo. can question recent pullback

USD/INR bounces off horizontal support stretched since early-August.
The pair stays below near-term key resistance confluence.

Anil Panchal FXStreet

Despite bouncing off near-term key support-line, USD/INR stays below a confluence of 100-day exponential moving average (EMA) and 38.2% Fibonacci retracement as it trades near 70.75 while heading into the European session on Tuesday.

The pair needs to clear 71.10/15 resistance-zone in order to justify strength to confront 23.6% Fibonacci retracement of July-September upside, at 71.70.

However, pair’s further upside could be challenged by 72.20, failing to which might please bulls with 72.65.

Meanwhile, a downside break of 70.40/35 horizontal-support can quickly drag the quote below 70.00 round-figure to August 02 high nearing 69.80.

It should also be noted that pair’s south-run below 69.80 might not hesitate to avail late-July high close to 69.40, followed by July-end low around 68.65, as consecutive rest-points.

USD/INR 4-hour chart

Trend: pullback expected

additional important levels

Overview
Today last price	70.7575
Today Daily Change	0.0970
Today Daily Change %	0.14%
Today daily open	70.6605

Trends
Daily SMA20	71.3382
Daily SMA50	70.9686
Daily SMA100	70.1289
Daily SMA200	70.1312

Levels
Previous Daily High	71
Previous Daily Low	70.3875
Previous Weekly High	71.37
Previous Weekly Low	70.3685
Previous Monthly High	72.6325
Previous Monthly Low	70.3685
Daily Fibonacci 38.2%	70.766
Daily Fibonacci 61.8%	70.6215
Daily Pivot Point S1	70.3653
Daily Pivot Point S2	70.0702
Daily Pivot Point S3	69.7528
Daily Pivot Point R1	70.9778
Daily Pivot Point R2	71.2952
Daily Pivot Point R3	71.5903

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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