Indian Rupee trades flat on the day. According to the daily chart, the USD/INR is in a bullish phase, with the price holding above the key 100-day Exponential Moving Average (EMA) and the 11-week-old uptrend line. The 14-day Relative Strength Index (RSI) stands above the midline near 56.80, supporting a continuation of the uptrend.
A crucial resistance level for USD/INR emerges at the 84.00 psychological level. A break above the mentioned level could expose the record high of 84.24, followed by 84.50.
On the other hand, the initial target could be the uptrend line at 83.88, with potential further downside if the bearish momentum continues. A breach of this level will pave the way to the 100-day EMA at 83.55 en route to 83.36, the low of June 28.
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