ICICI Direct's currency report on EURINR
The Euro edged down by almost 0.30% on Thursday amid strong US dollar. However, further downside was prevented as the consumer confidence indicator in the Euro Area rose 1.3 points to -16.1 in June 2023, the highest since February 2022 and better than market expectations of -17 • The Euro is likely to trade with a negative bias for the day amid strong US dollar and expectations of disappointing economic data from the Euro area. EURUSD is likely to slip towards the level of 1.0910. EURINR is likely to trade in downward trend towards the level of 89.70.
Intra-day strategy
| EURINR June futures contract (NSE) | |
| Sell EURINR in the range of 89.84-89.85 | |
| Target: 89.70 | Stop Loss: 89.95 |
| Support: 89.70/89.60 | Resistance: 89.90/90.00 |
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