FxWirePro: Indian rupee rises gradually against U.S. dollar, downside limited

• USD/INR is currently trading around 71.63 marks.
   
• It made intraday high at 71.72 and low at 71.56 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 71.75 mark.
   
• Key resistances are seen at 71.75, 72.10, 72.22, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.47, 71.22, 71.10, 70.90, 70.68, 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. Current downside movement is short term trend correction only.
   
• India’s NSE was trading 0.75 pct lower at 11,590.85 points and BSE sensex 0.75 pct lower at 39,587.43 points.

We prefer to take long position on USD/INR only above 71.75, stop loss at 71.47 and target of 72.10/72.22.