FxWirePro: USD/INR back below 75.00 mark, sustained close below 73.74 requires for downside rally

• USD/INR is currently trading around 74.40 marks.
   
• It made intraday high at 74.61 and low at 74.02 marks.
   
• Intraday bias remains slightly bearish for the moment.
   
• Key resistances are seen at 74.90, 76.50, 77.41, 77.78, 78.12, 78.26, 78.62 and 79.02 marks respectively.

• On the other side, initial supports are seen at 73.74, 73.58, 73.00, 72.58, 71.80, 71.47, 71.22, 71.10 and 70.90 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 2.32 pct higher at 8,450.75 points and BSE Sensex was trading 2.08 pct higher at 28,876.60 points.

We prefer to take short position on USD/INR around 73.74, stop loss at 75.00 and target of 72.58/71.80.