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Sell EURINR; target of : 84.60 : ICICI Direct

ICICI Direct, The Euro depreciated by 0.13% yesterday amid a strong dollar.

December 29, 2021 / 08:45 AM IST

ICICI Direct's currency report on EURINR

The Euro depreciated by 0.13% yesterday amid a strong dollar. Further, the Euro slipped on worries that a surge in Covid-19 cases in Europe will have a negative impact on economic recovery as it forced some countries in Europe to implement restrictions to curb the spread • The Euro is expected to trade with a negative bias on strong dollar and divergence in monetary policy between the Fed and ECB. Further, it may slip on fears that tightening of rules to try to curb the spread of Coronavirus will have a negative impact on an already fragile economy. However, sharp downside may be cushioned on expectation of improved economic data from the euro area.

Intra-day strategy 

EURINR January futures contract (NSE)
Sell EURINR in the range of 84.88-84.90
Target: 84.60Stop Loss: 85.05
Support: 84.70/84.60Resistance: 85.05/85.15

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first published: Dec 29, 2021 08:45 am
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