FxWirePro: Indian rupee erases previous gain against U.S. dollar, bias turns bullish again

• USD/INR is currently trading around 71.94 marks.
   
• It made intraday high at 71.95 and low at 71.73 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 71.47 mark.
   
• Key resistances are seen at 71.92, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.47, 71.02, 70.72, 70.47 and 70.10 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• India’s NSE Nifty was trading 0.52 pct higher at 11,003.05 points while BSE sensex was trading 0.44 points higher at 37,145.93 points.

We prefer to take long position on USD/INR around 71.88, stop loss 71.70 and target of 72.17/72.42.