ICICI Direct's currency report on EURINR
The Euro depreciated by 0.25% yesterday on the back of a strong dollar and pessimistic global market sentiments. However, sharp downside was cushioned as ECB policymakers signalled that rate hikes would need to continue • The Euro is expected to trade with a negative bias for the day amid a firm dollar and risk aversion in global markets. Additionally, series of disappointing economic data from euro area indicates that region is going through sharp slowdown. EURUSD is facing resistance near 1.0680 levels. As long as it sustains below this level, it may slip back to 1.0570 levels. EURINR (January) is expected to trade in a range of 88.00-88.70.
Intra-day strategy
| EURINR Jan futures contract (NSE) | |
| Sell EURINR in the range of 88.48-88.50 | |
| Target: 88.10 | Stoploss: 88.70 |
| Support: 88.10/88.00 | Resistance: 88.70/88.80 |
For all Currency report, click here
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