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Sell EURINR; target of : 83.80 : ICICI Direct

ICICI Direct, The Euro slipped yesterday mainly on the back of a strong dollar and risk aversion in global markets.

November 22, 2022 / 09:09 AM IST

ICICI Direct's currency report on EURINR

The Euro slipped yesterday mainly on the back of a strong dollar and risk aversion in global markets. Additionally, PPI data from Germany surprised the market as it fell by 4.2%, its first monthly fall in two and a half years. Decline in producer prices raised hopes that double digit inflation in the German economy could be nearing its peak • The Euro is expected to trade with a negative bias amid a strong dollar and pessimistic global market sentiments. However, a sharp fall in single currency may be prevented on expectations of improved economic data from the euro area. EURUSD is facing a strong resistance near 1.0340 levels. As long as it sustains below this level, the EURUSD may slip back to 1.0190 levels.

Intra-day strategy

EURINR Nov futures contract (NSE)
Sell EURINR in the range of 83.80-83.82
Target: 83.50Stoploss: 83.95
Support: 83.60/83.50Resistance: 83.95/84.05

For all Currency report, click here

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22112022 - currency

first published: Nov 22, 2022 09:09 am