FxWirePro: Indian rupee trades marginally lower despite robust Nikkei services PMI data

• USD/INR is currently trading around 71.21 marks.
   
• It made intraday high at 71.24 and low at 71.10 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 71.10 mark.
   
• Key resistances are seen at 71.32, 71.63, 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.02, 70.90, 70.68, 70.47, 70.32, 70.10, 69.76 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 was trading 0.54 pct higher at 12,046.85 points and BSE sensex 0.54 pct higher at 41,012.43 points.
   
• India’s Nikkei services PMI stands at 55.5 vs 53.3 previous release (expected 52.4).

We prefer to take short position on USD/INR only below 71.10, stop loss at 71.35 and target of 70.90/70.68/70.47.