ICICI Direct, The Euro appreciated by 0.24% on Friday mainly due to retreat in dollar.
January 24, 2022 / 09:27 AM IST
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ICICI Direct’s currency report on EURINR
The Euro appreciated by 0.24% on Friday mainly due to retreat in dollar. However, sharp upside was capped on global sell-off and as ECB President Lagarde said inflation in eurozone will decline as energy prices and bottlenecks will stabilise in course of 2022, indicating that central bank will keep interest rates low • The Euro is expected to trade with a negative bias for the day amid firm dollar and pessimistic global market sentiments. Further, expectation of disappointing economic data from the Euro Area and dovish statement from ECB policymaker will hurt the single currency. Euro Area Manufacturing and Services PMI data are likely to show that activity in both sectors slowed down.
Intra-day strategy
| EURINR January futures contract (NSE) | |
| Sell EURINR in the range of 84.40-84.42 | |
| Target: 84.15 | Stop Loss: 84.55 |
| Support: 84.25/84.15 | Resistance: 84.55/84.65 |
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