ICICI Direct, Euro depreciated by 1.27% yesterday amid strong dollar and risk aversion in the global markets.
May 13, 2022 / 10:30 AM IST
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ICICI Direct’s currency report on EURINR
Euro depreciated by 1.27% yesterday amid strong dollar and risk aversion in the global markets. Further, euro slipped on concern about lingering stagflation environment of slow growth and high prices. On top of its Russia unveiled a set of sanctions on energy companies operating on the continent threating supply • Euro is expected to trade with negative bias on the back of strong dollar, expectation of disappointing economic data from euro area and gloomy global market sentiments. Market sentiments are hurt on worries over repercussion of ongoing war in Ukraine and strict lock down in China. Further, market fears that major central banks efforts to bring inflation under control will hamper economic growth. Additionally, ECB is likely to raise interest rates gradually not at the same pace as US Fed. EURINR (May) is expected to trade in a range of 80.45-80.90.
Intra-day strategy
| EURINR May futures contract (NSE) | |
| Sell EURINR in the range of 80.73-80.75 | |
| Target: 80.45 | Stoploss: 80.90 |
| Support: 80.55/80.45 | Resistance: 80.90/81.00 |
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