ICICI Direct's currency report on EURINR
The Euro witnessed a rebound on Thursday as weakness in the dollar supported the Euro to rise back towards key psychological zone of 1.06. Further, an upward revision in French Q4 private sector payrolls to up 0.2% QoQ from 0.0% has supported the pair • The Euro is expected to trade with a positive bias amid weakness in dollar. The pair has held the support of 1.053 and moved back towards 1.06. On the daily charts, formation of a bullish engulfing pattern will support the pair. Hence, as long as it holds the immediate support at 1.053, it is expected to rise near the immediate hurdle at 1.065 (20 Day EMA). EURINR (March) is expected to rise towards 87.50 as long as it holds the key support at 86.50.
Intra-day strategy
| EURINR March futures contract (NSE) | |
| Buy EURINR in the range of 86.80-86.82 | |
| Target:87.25 | Stoploss: 86.60 |
| Support: 86.80/86.60 | Resistance: 87.25/87.50 |
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