ICICI Direct, The Euro appreciated by 0.64% yesterday mainly on the back of weakness in the dollar and optimistic global market sentiments.
January 13, 2022 / 08:39 AM IST
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ICICI Direct’s currency report on EURINR
The Euro appreciated by 0.64% yesterday mainly on the back of weakness in the dollar and optimistic global market sentiments. Further, the Euro rallied on improved economic data from euro area. Industrial production surged 2.3% in November 2021 compared to 1.3% decline in October 2021. However, sharp gains were capped on ongoing concerns over rising Covid-19 cases in Europe • The Euro is expected to trade with a positive bias amid weakness in the dollar and rise in risk appetite in global market sentiments. Additionally, expectation of improved economic data from euro area will be supportive for the single currency. However, sharp upside may be capped on divergence in monetary policy and on concerns over rising Covid-19 cases.
Intra-day strategy
| EURINR January futures contract (NSE) | |
| Buy EURINR in the range of 84.55-84.57 | |
| Target: 84.80 | Stop Loss: 84.40 |
| Support: 84.40/84.30 | Resistance: 84.70/84.80 |
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