FxWirePro: USD/INR hovers around key resistance at 71.20 mark, sustained close above requires for upside rally

• USD/INR is currently trading around 71.16 marks.
   
• It made intraday high at 71.19 and low at 71.04 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 71.20 mark.
   
• Key resistances are seen at 71.20, 71.47, 71.68, 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 70.90, 70.68, 70.47, 70.32, 70.10, 69.76 and 69.48 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 0.34 pct lower at 12,128.25 points and BSE sensex 0.30 pct lower at 41,196.96 points.

We prefer to take long position on USD/INR only above 71.20, stop loss at 70.90 and target of 71.47 mark.