ICICI Direct, The Euro appreciated by 0.27% yesterday amid weakness in dollar and rise in risk appetite in domestic markets.
May 17, 2022 / 08:38 AM IST
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ICICI Direct’s currency report on EURINR
The Euro appreciated by 0.27% yesterday amid weakness in dollar and rise in risk appetite in domestic markets. Further, the Euro bounced back after ECB policymaker Francois Villeroy de Galhau said common currency’s weakness could threaten the central banks efforts to steer inflation towards its target • The Euro is expected to trade with a positive bias amid easing of dollar and rise in risk appetite in global markets. However, sharp upside may be capped on disappointing economic data from euro area and worries over stagflation. Further, traders fear that ongoing war in Ukraine and rising energy cost will hamper economic growth in region. Additionally, European Commission lowered its economic growth outlook by 1.3 points to 2.7% and increased its inflation forecast by 3.5 points to 6.1% for 2022. EURINR (May) is expected to trade in a range of 81.30-81.75 .
Intra-day strategy
| EURINR May futures contract (NSE) | |
| Buy EURINR in the range of 81.45-81.47 | |
| Target: 81.75 | Stoploss: 81.30 |
| Support: 81.30/81.20 | Resistance: 81.65/81.75 |
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