FxWirePro: Indian rupee trades marginally lower against U.S. dollar despite higher that expected services PMI data

• USD/INR is currently trading around 66.73 marks.
   
• It made intraday high at 66.73 and low at 66.66 marks.
   
• Intraday bias remains neutral for the moment.
   
• Key resistances are seen at 66.82, 66.98, 67.20 and 67.48 marks respectively.
   
• On the other side, initial supports are seen at 66.42, 66.30, 66.16 and 65.98 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 around 0.34 percent lower at 10,642.80 points while BSE Sensex was trading 0.31 points lower at 34,994.95 points.
   
• India April nikkei markit services PMI increase to 51.4 vs previous 50.3.

We prefer to take short position in USD/INR only below 66.48, stop loss at 66.82 and target of 66.16.

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