FxWirePro: USD/INR hits fresh 2-month low at 71.78 mark, consistent close below targets 71.33 mark

• USD/INR is currently trading around 71.97 marks.
   
• It made intraday high at 72.02 and low at 71.82 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 71.78 mark.
   
• Key resistances are seen at 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 71.78, 71.50, 71.33 and 71.13 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 Nifty was trading around 0.16 percent lower at 10,570.22 points while BSE Sensex was trading 0.02 points lower at 35,137.55 points.

We prefer to take short position on USD/INR around 72.00, stop loss at 72.25 and target of 71.33 mark.