ICICI Direct, Euro edged higher by 0.74% on Wednesday amid weak US dollar and rise in risk appetite in the global market.
July 28, 2022 / 09:13 AM IST
Representative image
ICICI Direct’s currency report on EURINR
Euro edged higher by 0.74% on Wednesday amid weak US dollar and rise in risk appetite in the global market. Further, euro was supported by rebound in Germany 10 years government bond yields. However, sharp upside was restricted by weak economic data from the Euro area. The GfK Consumer Climate Indicator in Germany fell to a new record low of -30.6 heading into August of 2022 from a revised -27.7 in June and compared with market forecasts of -28.9. The latest reading highlighted mounting recession fears and concerns over supply shortage of natural gas • Euro is expected to trade with a positive bias amid weakness in US dollar and rise in risk appetite in the global market. Further, expectation of strong German CPI MoM data from euro area may support euro. EUR/USD is expected to surpass the hurdle of 1.0225 to continue its upward trend towards the level of 1.0280. EURINR (Aug) is likely to trade in the range of 81.40-81.90.
Intra-day strategy
| EURINR Aug futures contract (NSE) | |
| Buy EURINR in the range of 81.60-81.62 | |
| Target: 81.90 | Stoploss: 81.40 |
| Support: 81.40/81.20 | Resistance: 81.90/82.00 |
Disclaimer:
28072022 – currency
`); } if (res.stay_updated) { $ (“.stay-updated-ajax”).html(res.stay_updated); } } catch (error) { console.log(‘Error in video’, error); } } }) }, 8000); })
