ICICI Direct, The Euro fell by 0.52% on the back of stronger dollar and decline in Germany 10 year treasury yields.
February 15, 2022 / 09:43 AM IST
ICICI Direct’s currency report on USDINR
The Euro fell by 0.52% on the back of stronger dollar and decline in Germany 10 year treasury yields. Further, selloff in European markets and concerns over escalating geopolitical tensions in Eastern Europe added further pressure to the Euro • The Euro is expected to trade with a negative bias amid stronger dollar and weaker sentiments in the global markets. However, a sharp downside may be prevented on expectations of higher ZEW Economic sentiment data from Germany. Further, growing expectations of monetary policy tightening by ECB to curb the elevated inflation may support the Euro on the lower side. EURINR (February) is expected to correct further towards 85.20 level for the day.
Intra-day strategy
| EURINR February futures contract (NSE) | |
| Buy EURINR in the range of 85.55- 85.56 | |
| Target: 85.25 | Stop Loss: 85.70 |
| Support: 85.25/85.10 | Resistance: 85.70/85.90 |
Disclaimer:
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