FxWirePro: Indian rupee erases previous gain against U.S. dollar, bias remains slightly bullish

• USD/INR is currently trading around 69.23 marks.
   
• It made intraday high at 69.29 and low at 68.99 marks.
   
• Intraday bias remains slightly bullish for the moment.
   
• Key resistances are seen at 69.52, 69.85, 70.20, 70.52, 70.85, 70.97, 71.23 and 71.51 marks respectively.

• On the other side, initial supports are seen 68.92, 68.49, 67.88 and 67.67 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   

• India’s NSE was trading 0.32 pct lower at 12,052.55 points and BSE Sensex was trading 0.23 pct lower at 40,175.79 points.

We prefer to take long position on USD/INR only above 69.30, stop loss 68.99 and target of 69.52/69.85.