FxWirePro: USD/INR hovers around key resistance at 71.22 mark, sustained close above requires for upside rally

• USD/INR is currently trading around 71.18 marks.
   
• It made intraday high at 71.22 and low at 71.07 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 71.22 mark.
   
• Key resistances are seen at 71.22, 71.52, 71.70, 71.82, 72.05, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 70.80, 70.64, 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.
   
• India’s NSE was trading 0.24 pct lower at 12,238.50 points and BSE sensex points 0.31 pct lower at 41,552.25 points.

We prefer to take long position on USD/INR only above 71.22, stop loss at 70.90 and target of 71.52 mark.