USD/INR Price News: Indian rupee bounces from monthly lows near 72.90

• USD/INR looks to extend gains in the early European trading session.
• Bulls remain hopeful around the multiple support formation near the 73.00 level.
• Momentum oscillator remains in an oversold zone opt for a cautious approach before placing aggressive bets.

USD/INR edges higher in the early European trading hours on Thursday. The pair opened lower but swiftly recovered to the session’s higher level.

At the time of writing, USD/INR is trading at 73.04, up 0.08% for the day.

USD/INR daily chart

On the daily chart, after making a high at 75.01 on July 19, the pair has been under constant selling pressure.

The bearish slopping line offers strong resistance for the bulls.  However, prices have been consolidating near 72.90 and 73.10 zone making it a crucial range to trade.

Being said that, the first upside target could be seen at the 73.35 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator holds onto the oversold zone. Any uptick in the MACD would make the meeting of the 73.65 horizontal resistance level a possiblity.

USD/INR bulls would likely make an attempt to break the bearish slopping line and if that happens, it would mean a high of August 27 in the vicinity of 74.20 for the bulls.

Alternatively, on the downside, the first target could be located at the 72.80 horizontal support level.
Next, the price will gravitate towards the 72.50 horizontal support level only to test the 5-month low level made on May 28 at 72.33.

USD/INR additional level