Euro depreciated by 0.75% yesterday amid strong dollar and weak domestic market sentiments. Meanwhile, better than expected economic data from Euro Area prevented further decline in euro. Additionally, French President Emmanuel Macron’s comfortable election victory provided some support at lower levels • Euro is expected to trade with negative bias on the back of firm dollar and pessimistic global market sentiments. Further, euro may slip on divergence in monetary policy and on fears that Russia-Ukraine conflict threatens to crimp economic growth when inflation remained elevated. EURINR (April) is expected to trade in a range of 82.55-82.10.
Intra-day strategy| EURINR April futures contract (NSE) | |
| Sell EURINR in the range of 82.38-82.40 | |
| Target: 82.10 | Stoploss: 82.55 |
| Support: 82.20/82.10 | Resistance: 82.55/82.65 |
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