FxWirePro: Indian rupee erases previous gain against U.S. dollar, bias turn bullish again

• USD/INR is currently trading around 72.51 marks.
   
• It made intraday high at 72.68 and low at 72.03 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 71.44 mark.
   
• Key resistances are seen at 72.66, 72.85, 73.02, 73.24 and 73.66 marks respectively.

• On the other side, initial supports are seen at 71.44, 71.27, 71.13, 70.63, 70.47, 70.22 and 69.94 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 Nifty was trading around 0.88 percent lower at 11,416.28 points while BSE Sensex was trading 0.83 points lower at 37,772.82 points.

We prefer to take long position on USD/INR around 72.40, stop loss at 72.00 and target of 72.85.