ICICI Direct, The Euro appreciated by 0.57% on Friday mainly on the back of weakness in the dollar.
January 10, 2022 / 08:43 AM IST
Representative image
ICICI Direct’s currency report on EURINR
The Euro appreciated by 0.57% on Friday mainly on the back of weakness in the dollar. However, sharp upside was capped despite a surge in euro zone inflation as ECB policymakers are of the view that inflation will gradually slow down in 2022, signally no rate hike needed this year. Euro zone CPI data showed inflation rose to 5% in December 2021 • The Euro is expected to trade with a positive bias amid weakness in dollar and expectation of improved economic data from euro area. However, sharp upside may be capped on divergence in monetary policy and risk aversion in the global markets. Further, investors fear that tightening of rules to curb the spread of Coronavirus will have a negative impact on an already fragile economy.
Intra-day strategy
| EURINR January futures contract (NSE) | |
| Buy EURINR in the range of 84.53-84.55 | |
| Target: 84.85 | Stop Loss: 84.40 |
| Support: 84.40/84.30 | Resistance: 84.75/84.85 |
Disclaimer:
Read More
