FxWirePro: USD/INR stabilizes below 71.50 mark, downside limited

• USD/INR is currently trading around 71.26 marks.
   
• It made intraday high at 71.49 and low at 71.26 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 71.49 mark.
   
• Key resistances are seen at 71.49, 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 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 0.82 pct lower at 12,000.85 points and BSE sensex 0.73 pct lower at 40,854.43 points.

We prefer to take short position on USD/INR around 71.30, stop loss at 71.49 and target of 71.10/70.90.