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- USD/INR is currently trading around 70.95 marks.
- It made intraday high at 71.04 and low at 70.91 marks.
- Intraday bias remains neutral for the moment.
- Key resistances are seen at 71.02, 71.25, 71.78 and 72.23 marks respectively.
- On the other side, initial supports are seen at 70.47, 70.10, 69.63, 69.16, 68.85, 68.66, 68.52 and 68.31 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- Indian banks will remain closed in observance of Eid festival.
We prefer to take long position on USD/INR only above 71.05, stop loss 70.80 and target of 71.26/71.78.
