FxWirePro: USD/INR exhibits range bound movement, consistent close above 76.40 requires for upside rally

• USD/INR is currently trading around 76.12 marks.
   
• It made intraday high at 76.34 and low at 76.03 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 75.50 mark.
   
• Key resistances are seen at 76.40, 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 75.72, 75.47, 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 2.80 pct lower at 9,003.55 points while BSE Sensex was trading 2.90 pct lower at 30,699.38 points.

We prefer to take long position on USD/INR only above 76.40, stop loss at 75.70 and target of 76.87/77.22.