ICICI Direct, Euro depreciated by 0.44% yesterday amid strong Dollar and risk aversion in the global markets.
December 10, 2021 / 09:17 AM IST
MapmyIndia IPO
ICICI Direct’s currency report on EURINR
Euro depreciated by 0.44% yesterday amid strong Dollar and risk aversion in the global markets. Further, euro slipped on divergence in monetary policy and disappointing economic data from euro area. Furthermore, pessimistic statement from IMF Chief economist added downside pressure on single currency • Euro is expected to trade with negative bias on strong dollar and risk aversion in the global markets. Markets sentiments are hurt on concerns that restrictions in some parts of the world to curb spread of Omicron variant may hurt global economic recovery. Further, euro may slip on ongoing worries over resurgence of COVID-19 cases and as the series of disappointing economic data from euro area signaled that economy is losing momentum.
Intra-day strategy
| EURINR December futures contract (NSE) | |
| Sell EURINR in the range of 85.75-85.77 | |
| Target: 85.45 | Stop Loss: 85.90 |
| Support: 85.55/85.45 | Resistance: 85.90/86.00 |
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