USD/INR Price News: Indian rupee swings between 50-SMA and daily resistance near 74.40

• USD/INR looks to extend gains on Thursday in the early European trading session.
• Bulls face stiff resistance near the 74.40 critical resistance area.
• Momentum oscillator remains neutral indicates the wait-and-watch approach.

USD/INR edges marginally higher in the early European trading hours on Thursday. 

At the time of writing, USD/INR is trading at 74.35, up 0.11% 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.

A sustained move above the intraday high would strengthen the upward price action further.

Further, a break above the descending trendline would make an upside momentum intact toward the 74.60 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades near the midline with a neutral stance. Any uptick in the MACD would make the meeting of the 74.90 horizontal resistance level a possibility.

In doing so, next the bulls would attempt to go beyond 75.00 and move toward an April 26 high of 75.26.

Alternatively, if price slips below the 50-day Simple Moving Average (SMA), it would meet the low of August 17 of 74.13 as the first downside target.

Price has taken strong support near 74.00 and 74.20 price band. 
A decisive close below the psychological 74.00 would drag toward June 17 low at 73.58 followed by the 73.20 horizontal support level.

USD/INR additional levels