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- USD/INR is currently trading around 71.11 marks.
- It made intraday high at 71.30 and low at 71.02 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 71.50 mark.
- Key resistances are seen at 71.50, 72.02, 72.24, 72.50, 72.86, 73.02, 73.45, 74.04, 74.28, 74.57, 74.77 and 74.95 marks respectively.
- On the other side, initial supports are seen at 71.13, 70.80, 70.68 and 70.22 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 0.28 percent lower at 10,623.22 points while BSE Sensex was trading 0.42 points lower at 35,320.55 points.
We prefer to take short position on USD/INR around 71.10, stop loss at 71.40 and target of 70.68 mark.
