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Buy EURINR; target of :89.85 : ICICI Direct

ICICI Direct, The Euro extended its gain on Tuesday amid hawkish comments from the ECB member Muller.

March 31, 2023 / 09:50 AM IST


ICICI Direct's currency report on EURINR

The Euro extended its gain on Thursday as German inflation data supported the pair to rise above the 1.09 mark. The inflation eased significantly in march on the back of lower energy price, but it was above the forecasted level of 0.7%. Additionally, reduced concerns in the banking sector has also strengthened the common currency • The Euro is expected to trade on a bullish note amid weakness in the dollar and improved risk sentiments. Further, expectation of rise in core CPI Flash estimate in the eurozone could increase the pressure on the ECB to further tighten its monetary policy. The bullish crossover of 10 and 20 day EMA is going to favour the positive bias in the pair. Additionally, the support from the oscillator RSI would also help the pair to resume its gain towards 1.0950 mark. On the downside, 10 day EMA at 1.0830 holds key support for the pair. EURINR (April) is likely to hold the support of 10 day SMA near 89.10 and move towards the target resistance at 89.90.

Intra-day strategy

EURINR Apr futures contract (NSE)
Buy EURNR in the range of 89.48-89.50
Target:89.85Stoploss: 89.30
Support: 89.30/89.10Resistance: 89.90/90.10
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31032023 - curr

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first published: Mar 31, 2023 09:50 am