ICICI Direct, The Euro appreciated by 0.21% on Thursday mainly on the back of a weak US dollar.
August 12, 2022 / 08:37 AM IST
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ICICI Direct’s currency report on EURINR
The Euro appreciated by 0.21% on Thursday mainly on the back of a weak US dollar. Further, the Euro was supported by a rise in 10-year Germany government bond yields. However, sharp upside was capped after the head of the European Space Agency (ESA) warned economic damage from heatwaves and drought could dwarf Europe’s energy crisis as he called for urgent action to tackle climate change • The Euro is expected to trade with a positive bias amid weakness in US dollar. However, investors will remain vigilant ahead of industrial production and Spanish CPI data. EURUSD is expected to surpass the hurdle of 1.0370 to continue its upward trend towards the level of 1.0420. EURINR (August) is likely to trade in a range of 82.20-82.70.
Intra-day strategy
| EURINR Aug futures contract (NSE) | |
| Buy EURINR in the range of 82.30-82.32 | |
| Target: 82.60 | Stoploss: 82.10 |
| Support: 82.10/82.00 | Resistance: 82.60/82.80 |
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12082022 – currency
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