ICICI Direct, The Euro fell almost 0.20% yesterday amid an uptick in the US dollar index. However, a sharp downside was cushioned on better-than-expected industrial production data from the euro area.
November 15, 2022 / 09:10 AM IST
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ICICI Direct’s currency report on EURINR
The Euro fell almost 0.20% yesterday amid an uptick in the US dollar index. However, a sharp downside was cushioned on better-than-expected industrial production data from the euro area. Industrial output in the euro area advanced 0.9% in September 2022 beating market expectations of 0.3% • The Euro is expected to trade with a negative bias amid a strong dollar and pessimistic global market sentiments. Furthermore, GDP data from the eurozone is likely to show that the economy expanded at a slower pace. Additionally, ECB board member Fabio Panetta said the central bank must keep raising rates but needs to avoid overtightening as it could deepen an economic downturn. The EURUSD is likely to break the key support level of 1.0300 to continue its downtrend towards the level of 1.0260. EURINR is expected to drop towards the level of 83.20.
Intra-day strategy
| EURINR Nov futures contract (NSE) | |
| Sell EURINR in the range of 83.68-83.70 | |
| Target: 83.20 | Stoploss: 84.00 |
| Support: 83.20/83.00 | Resistance: 84.00/84.20 |
For all Currency report, click here
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15112022 – currency
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