FxWirePro: USD/INR consolidates around 74.00 mark, further sideways movement likely

• USD/INR is currently trading around 73.89 marks.
   
• It made intraday high at 74.36 and low at 73.75 marks.
   
• Intraday bias remains neutral for the moment.
   
• Key resistances are seen at 74.40, 74.62, 75.10, 75.55, 75.90 and 76.12 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 1.81 pct higher at 9,371.75 points and BSE Sensex was trading 1.70 pct higher at 31,927.78 points.

We prefer to take short position on USD/INR around 74.00, stop loss at 74.50 and target of 73.58/73.00/72.58.