FxWirePro: Indian rupee falls noticeably against U.S. dollar after India’s Union budget, hits fresh 2-month low at 71.77 mark

• USD/INR is currently trading around 71.70 marks.
   
• It made intraday high at 71.77 and low at 71.41 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 71.40 mark.
   
• Key resistances are seen at 71.86, 72.02, 72.32 and 72.47 marks respectively.
   
• On the other side, initial supports are seen at 71.40, 71.06, 70.93, 70.78 and 70.23 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India’s NSE Nifty was trading around 0.03 percent lower at 10,890.58 points while BSE Sensex was trading 0.04 points higher at 36,468.55 points.

We prefer to take long position on USD/INR only above 71.32, stop loss at 71.00 and target of 71.86.