ICICI Direct, The Euro depreciated by 0.32% yesterday on a strong dollar. Further, the Euro slipped as rising geopolitical tensions and economic headwinds is posing biggest threat to global economic growth.
May 11, 2022 / 08:40 AM IST
ICICI Direct’s currency report on EURINR
The Euro depreciated by 0.32% yesterday on a strong dollar. Further, the Euro slipped as rising geopolitical tensions and economic headwinds is posing biggest threat to global economic growth. Additionally, war in Ukraine threatens to keep energy prices elevated weighing on Euro Area’s economic growth. However, further downside was cushioned on better than expected economic data • The Euro is expected to trade with a negative bias amid strong dollar and weak global market sentiments. Market sentiments were hurt on fears that aggressive monetary tightening across major countries to combat inflation may tip economies into recession. Further, rising tension between Moscow and western allies over Ukraine invasion threatens to keep energy prices high weighing further on region’s economic growth. EURINR (May) is expected to trade in a range of 81.35-81.80.
Intra-day strategy
| EURINR May futures contract (NSE) | |
| Sell EURINR in the range of 81.63-81.65 | |
| Target: 81.35 | Stoploss: 81.80 |
| Support: 81.45/81.35 | Resistance: 81.80/82.00 |
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