ICICI Direct, The Euro edged lower by 0.07% on Monday amid a decline in 10 year Germany treasury yields.
February 22, 2022 / 09:12 AM IST
ICICI Direct’s currency report on EURINR
The Euro edged lower by 0.07% on Monday amid a decline in 10 year Germany treasury yields. Further, risk aversion in the global markets and rising geopolitical tensions in the eastern Europe added downside pressure to the single currency. However, a sharp downside was prevented on higher-than-expected German PPI and Composite PMI data from euro area due to easing coronavirus restrictions • The Euro is expected to trade with a negative bias today on the back of weaker sentiments in the global markets. Further, worries over rising geopolitical tensions between Russia and Ukraine may hurt the single currency. However, expectations of improved macroeconomic data from Germany may continue to support the euro on lower side. German Ifo Business climate index is expected to surge by 96.50 in February 2022 compared to 95.70 levels in the previous month. EURINR (February) is likely to correct further towards 84.40 levels.
Intra-day strategy
| EURINR February futures contract (NSE) | |
| Sell EURINR in the range of 84.73- 83.74 | |
| Target: 84.40 | Stop Loss: 84.88 |
| Support: 84.40/84.20 | Resistance: 84.88/85.10 |
Disclaimer:
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