FxWirePro: Indian rupee rises on higher than expected services PMI data

• USD/INR is currently trading around 70.83 marks.
   
• It made intraday high at 70.97 and low at 70.71 marks.
   
• Intraday bias remains slightly bearish for the moment.
   
• Key resistances are seen at 71.02, 71.18, 71.50, 71.71, 72.02, 72.32 and 72.47 marks respectively.
   
• On the other side, initial supports are seen at 70.70, 70.49, 70.23, 69.82, 69.60 and 69.35 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 Nifty was trading around 0.11 percent lower at 10,851.58 points while BSE Sensex was trading 0.09 points lower at 36,030.87 points.
   
• India Feb 2019 Nikkei markit services PMI increase to 52.5 (forecast 52.5) vs previous 52.2.

We prefer to take short position on USD/INR only below 70.65, stop loss at 71.02 and target of 70.23.