ICICI Direct's currency report on EURINR
The Euro bounced back from its one and half month low on Monday and closed above the 1.06 mark amid weak dollar and rise in risk appetite in the global markets. We expect Euro to trade with a positive bias for the day amid weakness in dollar and on expectation that ECB will act more aggressively than the Fed. EURUSD has formed a bullish engulfing pattern in its daily charts. So as long as 1.053 holds it is expected to rebound again towards 1.066. EURINR (March) is expected to hold the support near 87.30 and move higher towards 88.30.
Intra-day strategy
| EURINR March futures contract (NSE) | |
| Buy EURINR in the range of 87.80-87.82 | |
| Target:88.15 | Stoploss: 87.58 |
| Support: 87.64/87.50 | Resistance: 88.15/88.30 |
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