USD/INR is struggling to extend the previous day’s decline, trading near the intraday low.
The critical level is defined by the 100-SMA, rising wedge support, and ascending trend line from May 31.
Bulls should be cautious below the 75.00 level, while bears should aim for early June tops if support is broken.
Heading into Thursday’s European session, the USD/INR reverses early Asian bearish consolidation by taking offers near 74.45.
Sellers of the Indian rupee (INR) pair are attacking the major convergence, which includes the 100-day moving average, the lower line of a three-week-old rising wedge bearish formation, and an ascending support line from May 31.
Given the pair’s struggle to break through the 75.00 barrier, as well as the recently rising Momentum line, USD/INR prices are likely to conquer the critical support convergence about 74.50-45 as the quote eases.
Following that, the early June high near 73.30 becomes a notional objective to keep an eye on, but the 74.00 round figure and the June 18 low near 73.80 could provide intermediate pauses throughout the predicted slide.
Bulls in the USD/INR may wait until the price exceeds the 75.00 resistance level, even if a short-term rally might bring the 74.70 level back to the chart.
It should be highlighted, however, that a daily close over 75.00 will allow the pair buyers to attempt the yearly high of 75.65.
Pullback is projected as a trend./n
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