FxWirePro: USD/INR exhibits range bound movement, downside limited

• USD/INR is currently trading around 70.10 marks.
   
• It made intraday high at 70.24 and low at 70.02 marks.
   
• Intraday bias remains slightly bearish for the moment.
   
• Key resistances are seen at 70.25, 70.38, 70.56, 70.80 and 71.24 marks respectively.
   
• On the other side, initial supports are seen at 70.02, 69.81, 69.52, 69.02, 68.65, 68.50 and 68.34 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 Nifty was trading around 0.12 percent lower at 11,567.22 points while BSE Sensex was trading 0.15 points lower at 38,285.82 points.

We prefer to take long position on USD/INR around 70.05, stop loss at 69.90 and target of 70.38.