FxWirePro: USD/INR trades in narrow range, further sideways movement likely

• USD/INR is currently trading around 71.17 marks.
   
• It made intraday high at 71.21 and low at 71.13 marks.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 71.50 mark.
   
• Key resistances are seen at 71.47, 71.68, 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.02, 70.90, 70.68, 70.47, 70.32, 70.10, 69.76 and 69.48 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India’s NSE was trading 0.53 pct higher at 12,120.85 points and BSE sensex 0.50 pct higher at 41,148.43 points.

We prefer to take short position on USD/INR around 71.20, stop loss at 71.50 and target of 70.90/70.68.