ICICI Direct, The Euro depreciated by 0.23% on Monday amid strong dollar.
June 07, 2022 / 08:48 AM IST
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ICICI Direct’s currency report on EURINR
The Euro depreciated by 0.23% on Monday amid strong dollar. However, sharp downside was cushioned as France’s finance minister said on Sunday, that despite the war in Ukraine and high inflation, he expect positive growth for 2022 • The Euro is expected to trade with a negative bias today amid strong dollar. EURUSD is holding within a tight range of 1.0635 to 1.0780 after surpassing of the 20 and 40 day SMAs. We expect EURUSD to trade in downward trend by surpassing 1.0645 level. Today, it may trade in the range of 83.35 to 83.75.
Intra-day strategy
| EURINR June futures contract (NSE) | |
| Sell EURINR in the range of 83.60-83.62 | |
| Target: 83.35 | Stoploss: 83.75 |
| Support: 83.30-83.20 | Resistance: 83.75-83.85 |
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