ICICI Direct's currency report on EURINR
The Euro appreciated 0.04% yesterday amid a rise in risk appetite in global markets. Reports that the White House will announce an easing of some Chinese tariffs later this week helped to inject some optimism back into market. Further, elevated inflation made a strong case for ECB to raise interest rates in upcoming meeting. However, sharp upside was capped on disappointing economic data from Euro Area • The Euro is expected to trade negative amid strong dollar and fears of global recession. Further, investors fear that eurozone economy has not fully recovered from pandemic and is facing threats from ongoing war between Russia and Ukraine. At such a fragile time rising borrowing cost to combat soaring inflation may have a severe effect on the economy. Additionally, market participants will take cues from economic data from euro area. EURINR (July) is expected to trade in a range of 82.40-82.85
|EURINR July futures contract (NSE)|
|Sell EURINR in the range of 82.70-82.72|
|Target: 82.40||Stoploss: 82.85|
|Support: 82.50/82.40||Resistance: 82.85/82.95|
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