ICICI Direct, The Euro slipped yesterday mainly on the back of a strong dollar and risk aversion in global markets.
November 22, 2022 / 09:09 AM IST
ICICI Direct’s currency report on EURINR
The Euro slipped yesterday mainly on the back of a strong dollar and risk aversion in global markets. Additionally, PPI data from Germany surprised the market as it fell by 4.2%, its first monthly fall in two and a half years. Decline in producer prices raised hopes that double digit inflation in the German economy could be nearing its peak • The Euro is expected to trade with a negative bias amid a strong dollar and pessimistic global market sentiments. However, a sharp fall in single currency may be prevented on expectations of improved economic data from the euro area. EURUSD is facing a strong resistance near 1.0340 levels. As long as it sustains below this level, the EURUSD may slip back to 1.0190 levels.
Intra-day strategy
| EURINR Nov futures contract (NSE) | |
| Sell EURINR in the range of 83.80-83.82 | |
| Target: 83.50 | Stoploss: 83.95 |
| Support: 83.60/83.50 | Resistance: 83.95/84.05 |
For all Currency report, click here
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22112022 – currency
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