FxWirePro: Indian rupee trades remarkably lower ahead of manufacturing output data

• USD/INR is currently trading around 76.02 marks.
   
• It made intraday high at 76.28 and low at 75.56 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 75.49 mark.
   
• Key resistances are seen at 76.47, 76.87, 77.41, 77.78, 78.12, 78.26, 78.62 and 79.02 marks respectively.

• On the other side, initial supports are seen at 75.40, 75.20, 74.90, 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 NSE was trading 2.50 pct higher at 8,976.66 points and BSE Sensex was trading 2.50 pct higher at 30,638.81 points.
   
• India will release industrial production data around 1200 GMT.

We prefer to take long position on USD/INR around 75.90, stop loss at 75.40 and target of 76.87/77.00.