FxWirePro: USD/INR remains well supported below 72.00 mark, further downside movement likely

• USD/INR is currently trading around 71.71 marks.
   
• It made intraday high at 71.83 and low at 71.61 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 72.02 mark.
   
• Key resistances are seen at 72.02, 72.24, 72.50, 72.86, 73.02, 73.45, 74.04, 74.28, 74.57, 74.77 and 74.95 marks respectively.

• On the other side, initial supports are seen at 71.50, 71.33 and 71.13 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• India’s NSE Nifty was trading around 0.66 percent higher at 10,687.22 points while BSE Sensex was trading 0.78 points higher at 35,527.55 points.

We prefer to take short position on USD/INR around 71.75, stop loss at 72.05 and target of 71.33 mark.