FxWirePro: USD/INR stabilizes above 74.00 mark, short term trend reversal likely

• USD/INR is currently trading around 74.23 marks.
   
• It made intraday high at 74.57 and low at 74.08 marks.
   
• Intraday bias remains neutral for the moment.
   
• Key resistances are seen at 74.68, 75.10 and 75.55 marks respectively.

• On the other side, initial supports are seen at 74.02, 73.58, 73.00, 72.58, 71.80, 71.47, 71.22, 71.10 and 70.90 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 4.05 pct lower at 10,545.75 points and BSE Sensex was trading 4.28 pct lower at 35,969.05 points.

We prefer to take long position on USD/INR around 74.20, stop loss at 73.90 and target of 75.10.