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Buy EURINR; target of : 83.60: ICICI Direct

ICICI Direct, The Euro edged higher by 0.24% on Monday amid expectations that the European Central Bank will soon raise interest rates for the first time in more than a decade.

June 28, 2022 / 08:44 AM IST
Representative image

Representative image

ICICI Direct's currency report on EURINR

The Euro edged higher by 0.24% on Monday amid expectations that the European Central Bank will soon raise interest rates for the first time in more than a decade. Further, the Euro was supported as Spain approves $9.5 billion aid package. Spain announced a €9 billion ($9.50 billion) package of measures on Saturday to help its most vulnerable households cope with soaring energy prices and inflation, including subsidies for transport and 80% reduction in energy bill taxes • The Euro is expected to trade with a positive bias today amid weak dollar. However, investors will remain vigilant ahead of ECB President Lagarde’s speech and German consumer climate data, as consumer climate data is expected to drop from -26.0 to - 27.6. EURUSD is expected to break the hurdle of 1.0625 to continue its upward trend towards the level of 1.0690. EURINR is likely to trade in the range of 83.10 to 83.60

Intra-day strategy 

EURINR July futures contract (NSE)
Buy EURINR in the range of 83.30 - 83.32
Target: 83.60Stoploss: 83.10
Support: 83.10 - 83.00Resistance: 83.60 - 83.70

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first published: Jun 28, 2022 08:43 am
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