Buy EURINR; target of : 86.20 : ICICI Direct

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ICICI Direct's currency report on EURINR

The Euro edged up on Friday mainly on the back of weakness in the dollar and optimistic domestic market sentiments. Further, a decline in natural gas prices aided the eurozone as it reduced input cost. However, sharp upside was capped on mixed batch of economic data from the euro area • The Euro is expected to trade with a positive bias amid a weak dollar and decline in energy prices. However, sharp upside may be capped on expectations of disappointing economic data from the euro zone. Euro area services PMI data is likely to show that activity in sector contracted for a third consecutive month. Retail sales data is anticipated to decline by 1.7% in October 2022. EURUSD is taking support near 1.0450 levels. As long as it sustains above this level EURUSD may rise back to 1.0600 levels. EURINR (December) is expected to trade in a range of 85.60-86.20.

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05122022 - currency