ICICI Direct, The Euro depreciated by 0.90% on Thursday after ECB downgraded its growth forecasts.
June 10, 2022 / 10:26 AM IST
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ICICI Direct’s currency report on EURINR
The Euro depreciated by 0.90% on Thursday after ECB downgraded its growth forecasts. Growth forecasts were revised down significantly to 2.8% in 2022 and 2.1% in 2023 and revised up slightly to 2.1% in 2024. However, sharp downside was cushioned as ECB announced it intends to raise key interest rates by 25 basis points at the July meeting with a further hike at the September meeting • The Euro is expected to trade with a negative bias today amid strong dollar. However, investors will remain vigilant ahead of ECB President Lagarde Speech and Spanish CPI data. The EURUSD broke its key support level at 1.0640 after retreating back from its key resistance level of 1.0780. EURUSD is likely to continue its downward trend and touch another key support level at 1.0500. EURINR is expected to trade in the range of 83.50 to 83.10.
Intra-day strategy
| EURINR June futures contract (NSE) | |
| Sell EURINR in the range of 83.55 – 83.57 | |
| Target: 83.30 | Stoploss: 83.70 |
| Support: 83.30 – 83.20 | Resistance: 83.80 – 83.95 |
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