FxWirePro: Indian rupee remains almost unchanged despite lower than expected services PMI data

• USD/INR is currently trading around 68.82 marks.
   
• It made intraday high at 68.85 and low at 68.78 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 69.10 mark.
   
• Key resistances are seen at 69.10, 69.38, 69.85, 70.20, 70.52, 70.85, 70.97, 71.23 and 71.51 marks respectively.

• On the other side, initial supports are seen at 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 was trading 0.05 pct higher at 11,920.55 points and BSE Sensex was trading 0.04 pct higher at 39,843.44 points.
   
• India services PMI June at 49.6 vs 50.2 previous release.
   

We prefer to take short position on USD/INR around 68.85, stop loss 69.10 and target of 68.49.