ICICI Direct, The Euro edged higher by 0.52% on the back of a retreat in the dollar.
March 15, 2022 / 09:28 AM IST
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ICICI Direct’s currency report on EURINR
The Euro edged higher by 0.52% on the back of a retreat in the dollar. Further, the Euro was also boosted by hopes of progress in peace talks between Ukraine and Russia. Additionally, higher-than-expected WPI reading from Germany lifted the single currency. However, sharp upsides were capped on decline in Germany 10 year treasury yields • The Euro is expected to trade with a positive bias amid softer dollar. At the same time, optimistic sentiments in the European markets and expectations of a rate hike by the European Central Bank (ECB) to tame the higher inflation may continue to support the single currency. However, anticipation of unsatisfactory data from the eurozone will weigh on the Euro. EURINR (March) will take strong support at 83.70 level for this week and its is likely to rise towards 84.50 levels for the day.
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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