ICICI Direct's currency report on EURINR
The Euro fell to its two month lows on Thursday amid a strong dollar and weaker economic numbers from eurozone. The German first quarter growth numbers indicated contraction in the economy. It was revised downwards to -0.3%, which weighed on the Euro to slide more than 0.25% • The Euro is expected to trade under pressure amid strong dollar and weak global risk sentiments. The Euro is likely to move towards the immediate support near 1.070 as long as it trades under the 10 day EMA at 1.0790. EURINR is expected to weaken towards 88.50, as long as it trades under 89.00.
Intra-day strategy
| EURINR May futures contract (NSE) | |
| Sell EURINR in the range of 88.85-88.86 | |
| Target:88.60 | Stop Loss: 89.00 |
| Support: 88.60/88.50 | 89.00/89.10 |
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