USD/INR is currently trading at 71.00, having failed to take out the 100-day moving average (MA) in the previous two days.
As seen above, the rally from Jan. 7 low of 69.185 ran out of steam at 100-day MA earlier this month and the repeated bull failure there was followed by a drop to 70.10 on Feb. 13.
The average is again proving a tough nut to crack. As noted earlier, the pair failed to close above the 100-day MA in the previous two days and is now feeling the pull of gravity.
The support at 70.50 could again come into play if the rejection at the 100-day MA fuels a break below the immediate support near 70.80.
A daily close above the 100-day MA is needed to strengthen the bull grip.
Trend: Bullish above 100-day MA
- R3 72.134
- R2 71.872
- R1 71.4635
- PP 71.2015
- S1 70.793
- S2 70.531
- S3 70.1225
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