FxWirePro: USD/INR stabilizes below 72.00 mark, short term trend reversal likely

• USD/INR is currently trading around 71.71 marks.
   
• It made intraday high at 71.85 and low at 71.68 marks.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 71.85 mark.
   
• Key resistances are seen at 71.85, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.68, 71.40, 71.22, 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. Current downside movement is short term trend correction only.
   
• India’s NSE was trading 1.06 pct higher at 12,119.25 points and BSE sensex points 1.11 pct lower at 41,124.40 points.

We prefer to take short position on USD/INR around 71.72, stop loss at 71.85 and target of 71.40/71.22 mark.