FxWirePro: Indian rupee erases previous loss against U.S. dollar, further sideways movement likely

• USD/INR is currently trading around 75.91 marks.
   
• It made intraday high at 76.37 and low at 75.70 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 76.40 mark.
   
• Key resistances are seen at 76.40, 76.87, 77.41, 77.78, 78.12, 78.26, 78.62 and 79.02 marks respectively.

• On the other side, initial supports are seen at 75.47, 74.90, 74.50, 73.74, 73.58, 73.00 and 72.58 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 1.19 pct higher at 9,093.55 points while BSE Sensex was trading 1.18 pct higher at 30,980.55 points.
   

We prefer to take short position on USD/INR around 76.00, stop loss at 76.40 and target of 75.47/75.20.