• USD/INR picks up bids to consolidate weekly losses.
• Successful bounce off 100-SMA, sustained break of 200-SMA keep buyers hopeful amid steady RSI.
• Three-week-old previous support line restricts short-term upside.

USD/INR struggles around 74.80 during the third positive day amid early European morning on Thursday.

In doing so, the Indian rupee (INR) pair justifies the early week rebound from the 100-SMA, as well as a clear break of the 200-SMA.

That said, steady RSI also hints at the continuation of recovery moves toward a short-term support-turned-resistance line near 75.05.

Should the quote rise past 75.05 hurdle, a broad horizontal resistance area establishes since late December 2021, around 75.35-40, will challenge USD/INR bulls.

On the flip side, the 200-SMA will test the pullback moves near 74.60 before directing the quote towards the 100-SMA level of 74.55.

Following that, 23.6% Fibonacci retracement of December 16 to January 12 declines near 74.40 may test the USD/INR sellers ahead of directing them to the 74.00 mark.

Overall, USD/INR prices remain pressured with multiple key hurdles to the north.

USD/INR: Four-hour chart

Trend: Further weakness expected