FxWirePro: USD/INR trades in narrow range, stay bearish only below 72.27 mark

• USD/INR is currently trading around 72.46 marks.
   
• It made intraday high at 72.47 and low at 72.29 marks.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 72.27 mark.
   
• Key resistances are seen at 72.70, 73.02, 73.24, 73.48 and 73.66 marks respectively.

• On the other side, initial supports are seen at 72.27, 72.12, 71.50, 71.33, 71.13, 70.63, 70.47, 70.22 and 69.94 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 around 0.09 percent higher at 11,063.20 points while BSE Sensex was trading 0.15 points higher at 36,596.82 points.

We prefer to take short position on USD/INR only below 72.27, stop loss at 72.50 and target of 71.80.