USD/INR Price News: Indian rupee 74 target remains elusive

• USD/INR bears moving in at critical weekly support.
• The daily chart is exhausted below the 74 psychological figure. 

The Indian rupee remains stuck in familiar territory on the daily charts and the lack of follow-through leaves the downside vulnerable while the price is below the psychological 74 figure.

USD/INR daily chart

As illustrated, the price has been moving sideways below the resistance and unable to get any wind beneath its sails for a number of consolidation days. This raises prospects of a downside correction that could fall into the hands of the bears from a weekly perspective.

USD/INR weekly chart

The bears could be encouraged at the 21-W EMA that has a confluence with the 61.8% ratio. The candlestick formations are also leaning bearish in the double dojis.