ICICI Direct, The Euro depreciated on Friday amid strong dollar and weak economic data.
June 06, 2022 / 09:14 AM IST
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ICICI Direct’s currency report on EURINR
The Euro depreciated on Friday amid strong dollar and weak economic data. Eurozone Services PMI was revised lower to 56.1 in May from a preliminary estimate of 56.3 and down from April’s 57.7. The overall demand for services rose at a slower rate when compared to April • The Euro is expected to trade with a negative bias today amid strong dollar. EURINR traded higher towards its key resistance level at 83.90. We expect EURINR to trade in downward trend today from 83.50 to 83.82.
Intra-day strategy
| EURINR June futures contract (NSE) | |
| Sell EURINR in the range of 83.70 to 83.72 | |
| Target: 83.50 | Stoploss: 83.82 |
| Support: 83.55 – 83.40 | Resistance: 83.82 – 83.92 |
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