• USD/INR stages notable rebound from key support confluence, justifies bullish candlestick.
• Upbeat RSI also favors buyers to aim for 50% Fibonacci retracement.
• 200-DMA, 61.8% Fibonacci retracement level adds strength to the nearby support.

USD/INR prints mild gains around 74.55 heading into Friday’s European session.

The Indian rupee (INR) pair portrayed a bullish Doji candlestick the previous day while bouncing off 200-DMA and 61.8% Fibonacci retracement (Fibo.) of September-December upside.

That said, the pair’s latest rebound needs validation from the 100-DMA level of 74.60, as well as double tops marked so far in the month around 74.70.

Also acting as an upside filter is the 50% Fibo. level near 74.75, a break of which will enable the USD/INR bulls to aim for 75.15 level comprising 38.2% Fibonacci retracement.

On the contrary, 74.27 immediate support region becomes the key to watch during the pair’s fresh downside.

Following that, November’s low of 73.85 and monthly low near 73.70 will gain the market’s attention.

Overall, USD/INR prices are up for further recovery but need validation from 74.75.

USD/INR: Daily chart

Trend: Further upside expected