Technical analysis: USD/INR maintains a bullish outlook
The Indian Rupee trades weaker on the day. USD/INR keeps the bullish stance unchanged as the pair is above the key 100-day Exponential Moving Average (EMA) on the daily timeframe. The upward momentum is confirmed by the 14-day Relative Strength Index (RSI), which hovers around 65.00, suggesting that support zones are more likely to hold than to break.
The first upside barrier of the pair will emerge near an all-time high of 83.72. A decisive break above this level will pave the way to the 84.00 psychological round figure. On the other hand, a low of April 18 at 83.50 acts as an initial support level, followed by a low of April 12 at 83.30. A downside break below the 100-day EMA at 83.12 might spark a sharp decline.
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