ICICI Direct, The Euro depreciated by 0.76% yesterday majorly on the back of strong dollar and risk aversion in the domestic markets.
May 06, 2022 / 08:46 AM IST
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ICICI Direct’s currency report on EURINR
The Euro depreciated by 0.76% yesterday majorly on the back of strong dollar and risk aversion in the domestic markets. Further, euro slipped on divergence in monetary policy and disappointing economic data from Euro Area. German factory orders decline by 4.7% in March 2022 compared to -0.8% in February 2022 • The Euro is expected to trade with negative bias amid strong dollar and sell-off in global markets. Further, euro may slip on expectation of disappointing economic data from Germany and divergence in monetary policy between ECB and Fed. Furthermore, region struggles with weaker growth and energy disruption due to sanctioned imposed on Moscow for invading Ukraine. EURINR (May) is expected to trade in a range of 80.70-81.15.
Intra-day strategy
| EURINR May futures contract (NSE) | |
| Sell EURINR in the range of 80.98-81.00 | |
| Target: 80.70 | Stoploss: 81.15 |
| Support: 80.80/80.70 | Resistance: 81.15/81.30 |
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