USD/INR Price News: Indian rupee bears cheer break of monthly support line, 76.25 in focus

• USD/INR takes the bids after breaking monthly resistance line.
• A descending trend line from April 06 on bulls’ radar for now.
• 21-day SMA adds strength to the resistance-turned-support.
• MACD teases bulls for the first time in seven weeks.

While extending its break of the monthly resistance line, now support, USD/INR stays positive around 76.03 amid the initial Indian session on Monday.

Considering the sustained trading above short-term key resistance as well as bullish MACD, the pair is likely extending the recovery moves towards another falling trend line from April 06, at 76.25.

Though, a successful break of 76.25 will fuel the bids toward 77.00 ahead of pushing the bulls to challenge April month top near 77.40.

Meanwhile, 21-day SMA joins the resistance-turned-support line, near 75.70/65, to strengthen the immediate support.

Should there be a daily closing below 75.65, the monthly support line around 75.15/10 could grab the bears’ attention.

USD/INR daily chart

Trend: Bullish