FxWirePro: USD/INR hovers around major support at 71.60 mark, sustained close below requires for downside rally

• USD/INR is currently trading around 71.71 marks.
   
• It made intraday high at 71.85 and low at 71.61 marks.
   
• Intraday bias remains neutral neutral till the time pair holds key support at 71.60 mark
   
• Key resistances are seen at 71.98, 72.10, 72.24, 72.68, 72.85, 73.02, 73.24 and 73.66 marks respectively.

• On the other side, initial supports are seen at 71.59, 71.47, 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.  Current downside movement is short term trend correction only.
   
• India’s NSE Nifty was trading around 0.76 percent higher at 11,318.28 points while BSE Sensex was trading 0.77 points higher at 37,406.82 points.

We prefer to take long position on USD/INR around 71.50, stop loss at 71.33 and target of 72.10.