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.
Trend: Further weakness expected
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