ICICI Direct, Euro depreciated by 0.92% yesterday amid strong dollar and risk aversion in the global markets.
July 27, 2022 / 09:07 AM IST
(Image: Photographer: Brent Lewin/Bloomberg)
ICICI Direct’s currency report on EURINR
Euro depreciated by 0.92% yesterday amid strong dollar and risk aversion in the global markets. Additionally, energy supply concerns weighed on single currency. European countries reached a watered down agreement to curb their consumption of natural gas over the next 8 months in an effort to shield their economies from possible cut off of Russia supplies • Euro is expected to trade with negative bias amid strong dollar and risk aversion in the global markets. Further, expectation of disappointing economic data from euro area and worries that energy crisis will tip region into recession my hurt single currency. Russian energy giant Gazprom said gas flows to Germany through Nord Stream 1 pipeline would fall to 33 million cubic meters per day or half of the current flow, which is only at 40% capacity. Traders are worried that rising European gas prices threatens to worsen inflationary pressures. EURINR (Aug) is expected to trade in a range of 81.00-81.45
Intra-day strategy
| EURINR Aug futures contract (NSE) | |
| Sell EURINR in the range of 81.29-81.30 | |
| Target: 81.00 | Stoploss: 81.45 |
| Support: 81.00/80.90 | Resistance: 81.45/81.55 |
Disclaimer:
27072022 – currency
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