FxWirePro: USD/INR moves in stiff boundaries, further sideways movement likely

• USD/INR is currently trading around 75.49 marks.
   
• It made intraday high at 75.77 and low at 75.37 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 75.24 mark.
   
• Key resistances are seen at 76.00, 76.51, 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 75.24, 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 1.80 pct higher at 9,317.55 points while BSE Sensex was trading 1.74 pct higher at 31,870.55 points.

We prefer to take short position on USD/INR around 75.55, stop loss at 75.80 and target of 74.90.