ICICI Direct, The Euro edged lower by 0.65% on Friday amid US and EU imposing new sanctions on Russia.
March 14, 2022 / 09:19 AM IST
Source: Reuters
ICICI Direct’s currency report on EURINR
The Euro edged lower by 0.65% on Friday amid US and EU imposing new sanctions on Russia. Additionally, a sharp decline in Germany 10 year bond yields weighed on the Euro. However, optimistic sentiments in the European markets and higher-than-expected consumer price reading from Germany cushioned further downsides in the single currency • The Euro is expected to trade with a negative bias today due to an uptick in dollar. Additionally, rising geopolitical tensions between US and Russia may hurt the euro. EURINR (March) is facing strong hurdle at 84.80 level. As long as it sustains below this level, it is expected to correct towards 84.10 for the day.
Intra-day strategy
| EURINR March futures contract (NSE) | |
| Sell EURINR in the range of 84.44- 84.45 | |
| Target: 84.10 | Stop Loss: 84.60 |
| Support: 84.10/83.80 | Resistance: 84.60/84.80 |
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