Sell EURINR; target of : 81.65 : ICICI Direct

ICICI Direct, The Euro slipped yesterday mainly on the back of a strong dollar and risk aversion in global markets.

November 10, 2022 / 10:44 IST

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ICICI Direct's currency report on EURINR

The Euro slipped yesterday mainly on the back of a strong dollar and risk aversion in global markets. Meanwhile, sharp downside in the single currency was cushioned as the European Central Bank is likely to continue its rate hikes further to combat soaring inflation. Bundesbank President Joachim Nagle said the governing council of the ECB will continue to push ahead with monetary policy normalisation even as growth suffers in the eurozone • The Euro is expected to trade with a negative bias amid strong dollar and pessimistic global market sentiments. Additionally, the single currency may slip on expectations of disappointing economic data from the euro area. EURUSD is facing strong resistance near 1.001 levels and has failed to breach that level twice. As long as it sustains below this level EURUSD may slip back to 0.9900 levels.

Intra-day strategy

EURINR Nov futures contract (NSE)
Sell EURINR in the range of 81.98-82.00
Target: 81.65	Stoploss: 82.20
Support: 81.65/81.50	Resistance: 82.20/82.35

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