FxWirePro: USD/INR trades in narrow range, stabilizes back above 70.00 mark

• USD/INR is currently trading around 70.31 marks.
   
• It made intraday high at 70.47 and low at 70.27 marks.
   
• Intraday bias remains neutral for the moment.
   
• Key resistances are seen at 70.47, 70.80, 71.05, 71.40, 72.02, 72.24, 72.50 and 72.86 marks respectively.
   
• On the other side, initial supports are seen at 70.27, 69.87, 69.66, 69.34, 69.02, 68.65 and 68.15 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/INR around 70.35, stop loss at 70.62 and target of 69.87.