ICICI Direct's currency report on EURINR
The Euro edged lower on Wednesday on the back of risk aversion in the global markets and escalating geopolitical tensions in the Ukraine. Further, disappointing economic data from Germany added downside pressure to the single currency. GfK German Consumer Climate declined to -8.1 for March 2022 due to elevated inflation. The eurozone CPI YoY accelerated by 5.1% in January 2022 compared to 5.0% in the previous month • The Euro is expected to trade with a negative bias today, due to stronger dollar and weaker sentiments in European markets. Further, rising geopolitical tensions in eastern Europe may continue to put pressure on the single currency. However, expectations that European central bank may end its bond purchasing programme to curb higher inflation may continue to support euro on the lower side. EURINR (March) is expected to correct further towards 84.50 levels for the day.
|EURINR February futures contract (NSE)|
|Sell EURINR in the range of 85.05- 85.07|
|Target: 84.75||Stop Loss: 85.20|
|Support: 84.75/84.50||Resistance: 85.20/85.30|
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