FxWirePro: Indian rupee depreciates against U.S. dollar, India’s economic data in focus

• USD/INR is currently trading around 74.42 marks.
   
• It made intraday high at 74.53 and low at 74.17 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 73.74 mark.
   
• Key resistances are seen at 74.62, 75.10, 75.55 and 75.90 marks respectively.

• On the other side, initial supports are seen at 73.74, 73.58, 73.00, 72.58, 71.80, 71.47, 71.22, 71.10 and 70.90 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 6.52 pct lower at 9,781.75 points and BSE Sensex was trading 6.40 pct lower at 33,428.05 points.
   
• India will release CPI, industrial production as well as manufacturing production data around 1200 GMT.

We prefer to take long position on USD/INR around 74.40, stop loss at 74.10 and target of 75.10.