FxWirePro: USD/INR remains well supported above 70.50 mark, stay short

• USD/INR is currently trading around 70.68 marks.
   
• It made intraday high at 70.71 and low at 70.59 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 71.11 mark.
   
• Key resistances are seen at 71.11, 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 70.47, 70.10 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 Nifty was trading 0.28 pct lower at 11,567.55 points while BSE sensex was trading 0.22 points lower at 39,000.77 points.
   

We prefer to take short position on USD/INR around 70.65, stop loss 70.90 and target of 70.47/70.10.