FxWirePro: Indian rupee falls despite robust services PMI data

• USD/INR is currently trading around 72.07 marks.
   
• It made intraday high at 72.16 and low at 71.76 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 71.50 mark.
   
• Key resistances are seen at 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.76, 71.40, 71.22, 70.80, 70.64, 70.47, 70.32, 70.10, 69.76 and 69.48 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 was trading 1.07 pct lower at 12,095.25 points and BSE sensex points 1.03 pct lower at 41,037.55 points.
   
• India’s Nikkei services PMI stands at 53.3 vs 52.7 previous release (expected 51.4).

We prefer to take long position on USD/INR around 72.00, stop loss at 71.70 and target of 72.42 mark.