FxWirePro: USD/INR slips below 71.00 mark, India’s industrial production data in focus

• USD/INR is currently trading around 71.07 marks.
   
• It made intraday high at 71.21 and low at 70.97 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 71.22 mark.
   
• Key resistances are seen at 71.22, 71.47, 71.68, 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 70.80, 70.64, 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. Current downside movement is short term trend correction only.
   
• India’s NSE was trading 0.42 pct higher at 12,267.25 points and BSE sensex 0.38 pct higher at 41,607.75 points.
   
• India will release industrial production as well as manufacturing production data around 1200 GMT.

We prefer to take short position on USD/INR around 71.12, stop loss at 71.32 and target of 70.80/70.64 mark.