ICICI Direct, The euro appreciated by 0.04% on Tuesday amid retreat in dollar. However, sharp upside was capped by weak German factory orders data.
June 08, 2022 / 09:15 AM IST
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ICICI Direct’s currency report on EURINR
The euro appreciated by 0.04% on Tuesday amid retreat in dollar. However, sharp upside was capped by weak German factory orders data. New orders for German manufactured goods declined 2.7% mom in April, it marks the third consecutive month of lower factory orders. The Euro is expected to trade with a positive bias today amid weakness in dollar. Further, expectations on ECB start raising interest rates from July may support euro. The EUR/USD recovered from a fresh weekly low of 1.0652, ending Tuesday with modest gains. EURUSD is likely to trade in upward trend by taking support of 50 DMA. EURINR is expected to trade in the range of 83.15 to 83.55.
Intra-day strategy
| EURINR June futures contract (NSE) | |
| Sell EURINR in the range of 83.40-83.42 | |
| Target: 83.15 | Stoploss: 83.55 |
| Support: 83.15-83.05 | Resistance: 83.62-83.75 |
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