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