FxWirePro: USD/INR hits fresh 4 – week high at 71.54 mark, India’s CPI data in focus

• USD/INR is currently trading around 71.45 marks.
   
• It made intraday high at 71.54 and low at 71.30 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 71.09 mark.
   
• Key resistances are seen at 71.56, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.22, 70.92, 70.74, 70.47, 70.32, 70.10, 69.76 and 69.48 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• India will release CPI data around 1200 GMT.

We prefer to take long position on USD/INR around 71.40, stop loss 71.22 and target of 71.80.