ICICI Direct, The Euro tumbled almost 0.90% on Thursday amid a sharp rise in the US dollar.
August 19, 2022 / 09:26 AM IST
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ICICI Direct’s currency report on EURINR
The Euro tumbled almost 0.90% on Thursday amid a sharp rise in the US dollar. However, further downside was restricted by strong inflation data from the euro area. Annual inflation rate in the euro area was confirmed at a new record high of 8.9% in July 2022 compared to 8.6% in June and 2.2% a year earlier. Additionally, rise in Germany 10 years bond yields prevented further downside • The Euro is expected to trade with a negative bias for the day amid strong US dollar. Further, investors will keep an eye on German PPI data. EURUSD is expected to break the hurdle of 1.0070 to continue its downward trend towards the level of 1.0000. EURINR (August) is likely to trade in a range of 81.30-80.80.
Intra-day strategy
| EURINR Aug futures contract (NSE) | |
| Sell EURINR in the range of 81.10-81.12 | |
| Target: 80.80 | Stoploss: 81.30 |
| Support: 80.80/80.60 | Resistance: 81.30/81.40 |
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19082022 – currency
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