ICICI Direct, The Euro edged higher by 0.57% on Tuesday on the back of a retreat in the dollar.
March 09, 2022 / 08:49 AM IST
ICICI Direct’s currency report on GBPINR
The Euro edged higher by 0.57% on Tuesday on the back of a retreat in the dollar. Further, Ukraine President Zelensky said he is no longer pressing for Nato membership for Ukraine, which has continued to support the Euro on the lower side. Additionally, improved macroeconomic data from the eurozone lifted the single currency. Eurozone GDP YoY expanded to 4.6% in Q4CY21 compared to 3.9% in the Q3CY21 • The Euro is expected to trade with a positive bias today due to a softer dollar. At the same time, expectations that the eurozone will increase fiscal spending to help offset the economic effects of the Russia-Ukraine turmoil may support the Euro. However, divergence in monetary policy between ECB and Fed may cap the further upsides in the single currency. EURINR (March) is taking strong support at 83.70 level. As long as it sustains above this level, it is likely to rise further towards 84.60 in a couple of days
Intra-day strategy
| EURINR March futures contract (NSE) | |
| Buy EURINR in the range of 84.14- 84.15 | |
| Target: 84.45 | Stop Loss: 84.0 |
| Support: 84.0/83.70 | Resistance: 84.45/84.60 |
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