FxWirePro: USD/INR hovers around 71.00 mark, stay bearish only below 70.78 mark

• USD/INR is currently trading around 71.93 marks.
   
• It made intraday high at 70.95 and low at 70.78 marks.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 71.20 mark.
   
• Key resistances are seen at 71.20, 71.48 and 71.86 marks respectively.
   
• On the other side, initial supports are seen at 70.60, 70.23, 69.87, 69.62, 69.35, 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.
   
• India’s NSE Nifty was trading around 0.07 percent higher at 10,787.58 points while BSE Sensex was trading 0.12 points higher at 36,067.11 points.

We prefer to take short position on USD/INR only below 70.78, stop loss at 71.20 and target of 70.23.