ICICI Direct's currency report on EURINR
The Euro appreciated by 0.11% yesterday amid a rise in risk appetite in the global markets. However, sharp upside was capped on worries that resurgence of Covid19 cases in Europe will have a negative impact on economic recovery as it pushed some countries in Europe to implement restrictions to curb the spread • The Euro is expected to trade with a negative bias amid divergence in monetary policy and on fears that tightening of rules to try to curb the spread of Coronavirus will have a negative impact on an already fragile economy. France announced tighter restrictions amid concerns over new variant. However, sharp downside may be cushioned on soft dollar and optimistic global market sentiments.
|EURINR December futures contract (NSE)|
|Sell EURINR in the range of 84.93-84.95|
|Target: 84.65||Stop Loss: 85.10|
|Support: 84.75/84.65||Resistance: 85.10/85.20|
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