ICICI Direct's currency report on EURINR
The Euro edged higher by 0.32% on Wednesday amid weak US dollar. Further, the Euro was supported by the statement of German finance minister Christian Lindner, as he urged the European Central Bank on Wednesday to take swift action to get inflation under control. However, sharp upside was capped by weak German bond yields • The Euro is expected to trade with a positive bias today amid weakness in dollar. However, investors will remain vigilant ahead of Euro area services PMI data and manufacturing PMI data, as services PMI data is expected to fall from 56.1 to 55.5 and manufacturing PMI data is expected to fall from 54.6 to 53.9. EURUSD is expected to surpass the hurdle of 1.0620 to continue its upward trend towards the level of 1.0680. EURINR is likely to trade in the range of 82.20 to 82.70.
|EURINR June futures contract (NSE)|
|Buy EURINR in the range of 82.40 - 82.42|
|Target: 82.70||Stoploss: 82.20|
|Support: 82.20 - 82.00||Resistance: 82.70 - 82.90|
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