Sell EURINR; target of : 83.40: ICICI Direct

ICICI Direct, The Euro depreciated by 0.62% on Tuesday after European Central Bank President Christine Lagarde offered no fresh insight into the central bank's policy outlook.

June 29, 2022 / 08:36 AM IST

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ICICI Direct's currency report on EURINR

The Euro depreciated by 0.62% on Tuesday after European Central Bank President Christine Lagarde offered no fresh insight into the central bank's policy outlook. Ms Lagarde said the central bank would move gradually but with the option to act decisively on any deterioration in medium term inflation, especially if there were signs of a de-anchoring of inflation expectations. However, sharp downside was cushioned by stronger than expected German Consumer Climate data • The Euro is expected to trade with a negative bias today amid strong dollar. However, investors will remain vigilant ahead of ECB President Lagarde’s speech and German CPI MoM data, which is expected to drop from 0.9% to 0.3%. EURUSD is expected to break the hurdle of 1.0495 to continue its downward trend towards the level of 1.0400. EURINR is likely to trade in the range of 83.40 to 84.00.

Intra-day strategy

EURINR July futures contract (NSE)
Sell EURINR in the range of 83.70 - 83.72
Target: 83.40	Stoploss: 83.90
Support: 83.40 - 83.30	Resistance: 83.90 - 84.00

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