ICICI Direct's currency report on EURINR
The Euro edged higher by 0.50% on Tuesday amid weak US dollar and rise in German 10 year bond yields. Further, ECB President Lagarde said, “It is unlikely that in the near future the central bank will be able to state with full confidence that peak rates have been reached • The Euro is likely to trade with a positive bias for the day amid rise in German bond yields and hawkish comments from ECB President Lagarde. EURUSD is likely to break the level of 1.0970 to continue its upward trend towards the level of 1.1000. EURINR is likely to trade in upward trend towards the level of 90.20.
Intra-day strategy
| EURINR July futures contract (NSE) | |
| Buy EURINR in the range of 89.90-89.91 | |
| Target: 90.20 | Stop Loss: 89.70 |
| Support: 89.70/89.60 | Resistance: 90.20/90.30 |
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