ICICI Direct, The Euro depreciated by 0.26% yesterday amid a strong dollar and disappointing economic data from eurozone.
April 08, 2022 / 08:30 AM IST
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ICICI Direct’s currency report on EURINR
The Euro depreciated by 0.26% yesterday amid a strong dollar and disappointing economic data from eurozone. Series of disappointing economic data from the euro area sparked concerns that the economy is losing momentum. Furthermore, tightly poised presidential elections in France weighed on the Euro. Meanwhile, ECB monetary policy meeting minutes showed most policymakers are keen to unwind stimulus and some pushed for more action as conditions to raise interest rates had either been met or were about to be met • The Euro is expected to trade with a negative bias amid firm dollar, risk aversion in the global market and disappointing economic data from Euro Area. Furthermore, divergence in monetary policy between Fed and ECB will continue to hurt the single currency. Additionally, market participants will remain vigilant ahead of upcoming French presidential election.
Intra-day strategy
| EURINR April futures contract (NSE) | |
| Sell EURINR in the range of 82.78-82.80 | |
| Target: 82.50 | Stop Loss: 82.95 |
| Support: 82.60/82.50 | Resistance: 82.95/83.05 |
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