FxWirePro: USD/INR hits fresh 3-month low at 70.21 mark, further downside movement likely

• USD/INR is currently trading around 70.40 marks.
   
• It made intraday high at 70.64 and low at 70.21 marks.
   
• Intraday bias remains bearish for the moment.
   
• Key resistances are seen at 71.05, 71.40, 72.02, 72.24, 72.50 and 72.86 marks respectively.

• On the other side, initial supports are seen at 70.22, 69.69, 69.02, 68.65 and 68.15 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/INR around 70.50, stop loss at 70.90 and target of 69.69 mark.