• USD/INR edges higher for the second straight session on Tuesday.
• Double top formation near 75.60 stops bulls to march higher.
• Momentum oscillator holds onto the overbought with more upside potential.

USD/INR extends the previous session’s gains in the early European trading hours on Tuesday. The pair opened lower, however, recovered swiftly toward the session’s high. At the time of writing, USD/INR is trading at 75.50, up 0.15% for the day.

USD/INR daily chart

On the daily chart, USD/INR is facing some price barrier near the yearly tops around 75.60. However, if the price sustains the intraday’s high, it could possibly breach the yearly highs. Having said that, the upside target above 75.60 could be the yearly highs of June 2020 at 76.51. The Moving Average Convergence Divergence (MACD) indicator holds onto the overbought zone. Any uptick in the MACD could strengthen the bullish scenario for the USD/INR pair.

Alternatively, on the lower side, the USD/INR bears could test the 75.25 horizontal support level. A daily close below the mentioned level would prompt bears to make the next move toward the previous day’s low of 74.99. Furthermore, the market participant would be looking for the 74.75 horizontal support level.

USD/INR additional levels