ICICI Direct, Euro advanced yesterday amid weakness in dollar and rise in risk appetite in the global markets.
December 01, 2022 / 09:19 AM IST
Representative image
ICICI Direct’s currency report on EURINR
Euro advanced yesterday amid weakness in dollar and rise in risk appetite in the global markets. In the meantime, inflation in Euro zone eased this month lifting investors hopes that the worst of the price crisis may soon be over and may provide room for ECB to slowdown its rate hikes • Euro is expected to trade with a positive bias amid weak dollar and optimistic global market sentiments. However, sharp upside may be capped on expectation of disappointing economic data from Euro Zone. Additionally, ECB policymaker’s statements indicate that slowdown in rate hikes may not be on cards. EURUSD is taking support near 1.0350 levels, as long as it sustains above this level EURUSD may rise back to 1.0500 levels. EURINR (December) is expected to trade in a range of 84.80- 85.40.
Intra-day strategy
| EURINR Dec futures contract (NSE) | |
| Buy EURINR in the range of 84.98-85.00 | |
| Target: 85.40 | Stoploss: 84.80 |
| Support: 84.80/84.70 | Resistance: 85.40/85.50 |
For all Currency report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
01122022 – currency
`); } if (res.stay_updated) { $ (“.stay-updated-ajax”).html(res.stay_updated); } } catch (error) { console.log(‘Error in video’, error); } } }) }, 8000); })
