Buy EURINR; target of : 85.30 : ICICI Direct

ICICI Direct, The Euro edged higher by 0.44% on Wednesday amid a weak US dollar.

November 17, 2022 / 10:40 IST

Last date for the submission of bids by the interested parties is December 3 (Representative image)

ICICI Direct's currency report on EURINR

The Euro edged higher by 0.44% on Wednesday amid a weak US dollar. Further the Euro was supported as policymaker Pablo Hernandez de Cos said the European Central Bank still has some way to go in tightening policy but should proceed with caution and take into account a greater chance of a recession • The Euro is expected to trade with a positive bias amid weakness in the US dollar. Further, easing geopolitical concerns may support Euro. Poland and Nato said that Tuesday's explosion, which killed two in Poland, was probably from a stray missile from Ukraine's air defences and not an intentional Russian strike. EURUSD is likely to surpass the hurdle of 1.0400 to continue its upward trend towards the key resistance level of 1.0480. EURINR is expected to continue with its upward trend towards the level of 85.30.

Intra-day strategy

EURINR Nov futures contract (NSE)
Buy EURINR in the range of 84.80-84.82
Target: 85.30	Stoploss: 84.50
Support: 84.50/84.20	Resistance: 85.30/85.50

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