FxWirePro: Indian rupee strengthens against U.S. dollar, stay bearish

• USD/INR is currently trading around 69.11 marks.
   
• It made intraday high at 69.39 and low at 69.08 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 69.52 mark.
   
• Key resistances are seen at 69.52, 69.82, 69.98, 70.20, 70.51, 70.68 and 70.85 marks respectively.
   
• On the other side, initial supports are seen at 68.92, 68.49, 67.88 and 67.67 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 0.07 percent higher at 11,592.58 points while BSE Sensex was trading 0.08 points higher at 38,614.87 points.

We prefer to take short position on USD/INR around 69.15, stop loss 69.40 and target of 68.49.