FxWirePro: Indian rupee erases previous loss against U.S. dollar, downside limited

• USD/INR is currently trading around 65.10 marks.
   
• It made intraday high at 65.21 and low at 65.09 marks.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 65.00 mark.
   
• Key resistances are seen at 65.36, 65.65 and 65.82 marks respectively.
   
• On the other side, initial supports are seen at 65.00, 64.80, 64.68, 64.50, 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.
   
• India’s NSE Nifty was trading around 0.54 percent lower at 10,497.70 points and BSE Sensex was trading at 0.50 percent lower at 34,173.74 points.

We prefer to take long position in USD/INR around 64.96, stop loss at 64.70 and target of 65.36/65.55.

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