ICICI Direct's currency report on EURINR
The Euro was traded flat on Friday on the back of mixed economic data from the euro area. Meanwhile, risk aversion in European markets and disappointing GDP data from Germany added more downside pressure to the Euro. The German GDP declined to -0.7% in CYQ4 compared to 1.7% in the CYQ3 • The Euro is expected to trade with a negative bias mainly due to firm dollar and risk aversion in the European markets. Further, the Euro may slip on the back of expectation of disappointing CPI data from Germany and divergence in the monetary policy. The German CPI is forecast to decline by 0.30% compared to 0.50% in the previous month. EURINR (February) is expected to correct further towards 83.40 levels for the day.
|EURINR February futures contract (NSE)|
|Sell EURINR in the range of 83.95-83.97|
|Target: 83.65||Stop Loss: 84.10|
|Support: 83.65/83.40||Resistance: 84.10/84.25|