FxWirePro: USD/INR remains well supported below 71.50 mark, further sideways movement likely

• USD/INR is currently trading around 71.20 marks.
   
• It made intraday high at 71.26 and low at 71.07 marks.
   
• Intraday bias remains neutral for the moment.
   
• Key resistances are seen at 71.50, 71.71, 72.02, 72.32 and 72.47 marks respectively.
   
• On the other side, initial supports are seen at 70.87, 70.70, 70.49, 70.23, 69.82, 69.60 and 69.35 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 around 0.12 percent higher at 10,820.58 points while BSE Sensex was trading 0.16 points higher at 35,962.87 points.

We prefer to take long position on USD/INR around 71.15, stop loss at 71.02 and target of 71.50.