FxWirePro: USD/INR trades in narrow range, downside limited

• USD/INR is currently trading around 71.07 marks.
   
• It made intraday high at 71.32 and low at 71.04 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 71.46 mark.
   
• Key resistances are seen at 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.02, 70.80, 70.47 and 70.10 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 0.80 pct lower at 10,754.55 points while BSE sensex was trading 0.77 points lower at 36,282.93 points.
   

We prefer to take short position on USD/INR only below 70.90, stop loss 71.32 and target of 70.47.