ICICI Direct's currency report on EURINR
The Euro depreciated by 0.91% on Friday amid weak economic growth and strong dollar. However, further downside was prevented on higher Spanish CPI data. The annual rate of the CPI in Spain in May was 8.7%, four tenths higher than the month before. The monthly rate of the CPI has been 0.8%. Thus, the accumulated inflation in 2022 is 4.1% • The Euro is expected to trade with a negative bias today amid strong dollar. EURUSD added to Thursday’s losses and printed new multi week lows near 1.0520 at the end of the week. EURUSD is likely to touch its key support level at 1.0460. EURINR is expected to trade in the range of 82.85 to 82.45.
|EURINR June futures contract (NSE)|
|Sell EURINR in the range of 82.70 - 82.72|
|Target: 82.45||Stoploss: 82.85|
|Support: 82.45 - 82.30||Resistance: 82.90 - 83.05|
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