ICICI Direct, The Euro appreciated by 0.10% on Monday mainly on the back of a weak US dollar.
August 10, 2022 / 08:30 AM IST
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ICICI Direct’s currency report on EURINR
The Euro appreciated by 0.10% on Monday mainly on the back of a weak US dollar. Further, the Euro was supported as German Finance Minister Christian Lindner plans a €10.1 billion ($ 10.29 billion) relief package to help taxpayers in 2023. Moreover, strong macroeconomic data from the euro area supported the Euro. Sentix Investor Confidence for the eurozone inched up to -25.2 points from -26.4 in July • The Euro is expected to trade with a positive bias amid weak US dollar. Further, the Euro may rise on expectation of strong economic data from euro area. EURUSD is expected to surpass the hurdle of 1.0260 to continue its upward trend towards the level of 1.0300. EURINR (August) is likely to trade in a range of 81.10-81.60.
Intra-day strategy
| EURINR Aug futures contract (NSE) | |
| Buy EURINR in the range of 81.30-81.32 | |
| Target: 81.60 | Stoploss: 81.10 |
| Support: 81.10/81.00 | Resistance: 81.60/81.70 |
For all Currency report, click here
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10082022 – currency
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