FxWirePro: USD/INR hits fresh 3-week low at 71.24 mark, India’s various economic data in focus

• USD/INR is currently trading around 71.31 marks.
   
• It made intraday high at 71.49 and low at 71.24 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 71.50 mark.
   
• Key resistances are seen at 71.49, 71.92, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.02, 70.72, 70.47 and 70.10 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 0.16 pct higher at 11,053.05 points while BSE sensex was trading 0.20 points higher at 37,340.93 points.
   
• India will release CPI as well as indistrial production data around 1200 GMT.

We prefer to take short position on USD/INR around 71.35, stop loss 71.50 and target of 71.02.