ICICI Direct's currency report on EURINR
The Euro fell more than 0.50% on Thursday amid a strong dollar. Meanwhile, ECB’s monthly survey showed expectations for inflation in the next 12 months increased to 5.0% from 4.6% in February, and inflation expectations for three years ahead climbed to 2.9% from 2.4% in February • The Euro is expected to remain under pressure and move towards 1.09 amid strong dollar. The pair has broken the key support at 1.094 and the 20 day EMA at 1.098, which could act as key resistance for now. The weakness in the oscillator RSI (45) would also weigh on the pair. For the day, the Euro is expected to slide towards 1.089 as long as it trades under 1.094. EURINR could face resistance near 90.10 and weaken towards 89.60-89.40.
Intra-day strategy
| EURINR May futures contract (NSE) | |
| Sell EURINR in the range of 89.80-89.82 | |
| Target:89.60 | 90.00 |
| Support: 89.60/89.50 | Resistance: 90/90.20 |
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