ICICI Direct, Euro depreciated by 0.38% on Friday majorly on the back of strong dollar and risk aversion in the global markets.
April 25, 2022 / 09:43 AM IST
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ICICI Direct’s currency report on EURINR
Euro depreciated by 0.38% on Friday majorly on the back of strong dollar and risk aversion in the global markets. Further, dovish statement from ECB President Lagarde continued to hurt single currency. She said central bank may need to cuts its growth outlook. Additionally, investors remained cautious ahead of run-off of French presidential elections between Emmanuel Macron and Marine Le Pen. Meanwhile, better than expected economic data from Euro Area prevented further decline in euro • Euro is expected to trade with negative bias amid strong dollar and weak global market sentiments. Further, euro may slip on divergence in monetary policy between Fed and ECB and expectation of disappointing economic data from Euro Area. Additionally, investors fear that EU ban on Russian oil and gas imports will have sever impact on economy which is already struggling with slower economic growth and soaring inflation. EURINR (April) is expected to trade in a range of 82.45-82.90.
Intra-day strategy
| EURINR April futures contract (NSE) | |
| Sell EURINR in the range of 82.75-82.77 | |
| Target: 82.45 | Stoploss: 82.90 |
| Support: 82.55/82.45 | Resistance: 82.90/83.00 |
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