FxWirePro: Indian rupee falls gradually against U.S. dollar, stay bullish only above 71.75 mark

• USD/INR is currently trading around 71.57 marks.
   
• It made intraday high at 71.74 and low at 71.55 marks.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 71.75 mark.
   
• Key resistances are seen at 71.75, 71.97 and 72.23 marks respectively.

• On the other side, initial supports are seen at 71.02, 70.72, 70.47 and 70.10 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 0.51 pct lower at 10,997.95 points while BSE sensex was trading 0.45 points lower at 37,244.78 points.

We prefer to take long position on USD/INR only above 71.75, stop loss 71.50 and target of 72.23.