ICICI Direct's currency report on EURINR
The Euro extended its gain on Tuesday amid hawkish comments from the ECB member Muller. He said, “with inflation risk still skewed to the upside, there’s probably room to raise interest rates.” Further easing banking fears in the region have helped the pair to move above Friday’s highs of 1.084 • The Euro is expected to trade on a bullish note amid weakness in the dollar and improved risk sentiments. The EURUSD is hovering above the bullish cross over of 10 and 20 day EMA suggesting bullish bias. Additionally, the support from the oscillator RSI would also help the pair to resume its gain towards 1.09 mark. On the downside, 10 day EMA at 1.077 holds key support for the pair. EURINR (April) is likely to hold the support of 10 day SMA near 88.90 and move towards the target resistance at 89.60.
Intra-day strategy
| EURINR Apr futures contract (NSE) | |
| Buy EURNR in the range of 89.08-89.10 | |
| Target:89.40 | Stoploss: 88.90 |
| Support: 89/88.80 | Resistance: 89.40/89.60 |
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