FxWirePro: Indian rupee falls gradually against U.S. dollar, stay long

• USD/INR is currently trading around 70.92 marks.
   
• It made intraday high at 70.99 and low at 70.84 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 7050 mark.
   
• Key resistances are seen at 71.11, 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 70.47, 70.10 and 69.48 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 0.98 pct lower at 11,474.55 points while BSE sensex was trading 1.04 points lower at 38,692.77 points.

We prefer to take long position on USD/INR around 70.85, stop loss 70.70 and target of 71.46.