Technical Analysis: Indian Rupee is likely to extend range bound of 82.70-83.20

Indian Rupee trades flat on the day. USD/INR has traded within a multi-month-old descending trend channel between 82.70 and 83.20 since December 8, 2023. 

In the near term, USD/INR maintains the bearish outlook unchanged as the pair is still below the 100-day Exponential Moving Average on the daily timeframe. The bearish momentum is supported by the 14-day Relative Strength Index (RSI), which holds in the negative zone below the 50.0 midline. 

Further selling vibes could drag the pair lower to 82.70, representing the lower limit of the descending trend channel. Further south, the next contention is seen near a low of August 23 at 82.45, followed by a low of June 1 at 82.25.

The potential upside barrier will emerge near the confluence of the 100-day EMA and a psychological round figure at the 83.00 mark. Sustained bullish momentum past this point will pave the way to a high of January 2 at 83.35, en route to 84.00