FxWirePro: USD/INR trades in narrow range, bias remains neutral

• USD/INR is currently trading around 64.78 marks.
   
• It made intraday high at 64.80 and low at 64.73 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 64.70 mark.
   
• Key resistances are seen at 65.04, 65.22, 65.36, 65.48, 65.65 and 65.82 marks respectively.
   
• On the other side, initial supports are seen at 64.70, 64.60, 64.42, 64.22, 64.02, 63.87, 63.68, 63.47, 63.22 and 63.17 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 0.40 percent higher at 10,420.80 points while BSE Sensex was trading 0.43 points higher at 33,937.23 points.

We prefer to take short position in USD/INR only below 64.72, stop loss at 65.04 and target of 64.42.

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