USD/INR Technical Analysis: Bounces off again from 50-hour EMA

• The USD/INR pair has bounced off again from the ascending 50-hour exponential moving average (EMA) and is trading on the offensive around 74.25.
• The prospects of the currency pair setting a new record high of 74.43 will remain high as long as the spot is trading above the 50-hour EMA.
• Only a break below the 50-hour EMA, currently located at 74.01 would open doors for a relief rally in the Indian rupee. The EUR/USD is signaling bullish reversal signs, hence a break below the 50-hour EMA cannot be ruled out.

Hourly Chart

Spot Rate: 74.26

Daily High: 74.28

Daily Low: 74.15

Trend: Bearish below 50-hour EMA

Resistance

R1: 74.43

R2: 75.00 (psychological hurdle)

Support

S1: 74.01 (50-hour EMA)

S2: 73.83 (Oct. 9 low)

S3: 73.40 (Oct. 5 low)