FxWirePro: Indian rupee rises on the back of higher than expected manufacturing PMI data

• USD/INR is currently trading around 75.86 marks.
   
• It made intraday high at 76.31 and low at 75.79 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 75.32 mark.
   
• Key resistances are seen at 76.40, 77.41, 77.78, 78.12, 78.26, 78.62 and 79.02 marks respectively.

• On the other side, initial supports are seen at 75.80, 75.20, 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 manufacturing PMI stands at 51.8 vs 54.5 previous release (expected 50.3).

We prefer to take short position on USD/INR around 75.90, stop loss at 76.32 and target of 75.20.