ICICI Direct, Euro depreciated by 0.14% yesterday’s amid strong dollar. Further, ECB President Lagarde said central bank may need to cuts its growth outlook further as fallout from Russia invasion of Ukraine weighs on households and businesses.
April 22, 2022 / 09:34 AM IST
ICICI Direct’s currency report on EURINR
Euro depreciated by 0.14% yesterday’s amid strong dollar. Further, ECB President Lagarde said central bank may need to cuts its growth outlook further as fallout from Russia invasion of Ukraine weighs on households and businesses. However, further downside was cushioned on hawkish comments from some ECB officials who are forecasting rate hike sooner. Joachim Nagel president of Germany’s Bundesbank said ECB could raise interest rates at the start of third quarter • Euro is expected to trade with negative bias amid strong dollar and risk aversion in the global markets. Further, market participants are worried over stagflation. Additionally, euro may slip on divergence in monetary policy and expectation of disappointing economic data from Euro Area. Euro Area Manufacturing and Services PMI data are likely to show that activity in both sector slowed down. EURINR (April) is expected to trade in a range of 82.60-83.05.
Intra-day strategy
| EURINR April futures contract (NSE) | |
| Sell EURINR in the range of 82.90-82.92 | |
| Target: 82.60 | Stoploss: 83.05 |
| Support: 82.70/82.60 | Resistance: 83.05/83.16 |
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