FxWirePro: USD/INR trades in narrow range, stay bearish only below 69.38 mark

• USD/INR is currently trading around 69.49 marks.
   
• It made intraday high at 69.62 and low at 69.47 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 69.38 mark.
   
• Key resistances are seen at 69.82, 69.98, 70.20, 70.51, 70.68 and 70.85 marks respectively.
   
• On the other side, initial supports are seen at 69.38, 69.22, 68.92, 68.49, 67.88 and 67.67 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 Nifty was trading around 0.22 percent lower at 11,760.58 points while BSE Sensex was trading 0.18 points lower at 39,212.87 points.

We prefer to take short position on USD/INR only below 69.38, stop loss 69.82 and target of 68.92.