ICICI Direct's currency report on EURINR
The Euro depreciated by 0.25% on Friday amid strong dollar and disappointing economic data from Euro Area. German ifo business climate index data showed business morale in the country deteriorated due to worsening supply chain issues • The Euro is expected to trade with a negative bias amid firm dollar and weak financial markets. Further, the Euro may slip on concern about economic slowdown. Additionally, series of disappointing economic data from the Euro Area and divergence in monetary policy will continue to hurt the single currency. EURINR (March) is expected to trade in a range of 84.15-83.70.
|EURINR March futures contract (NSE)|
|Sell EURINR in the range of 83.98-84.00|
|Target: 83.70||Stop Loss: 84.15|
|Support: 83.80/83.70||Resistance: 84.15/84.25|
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