ICICI Direct, The Euro advanced marginally by 0.05% yesterday in anticipation that ECB policymakers will remain hawkish even if the region enters into a recession as headline inflation is five times the central bank’s target.
December 13, 2022 / 09:18 AM IST
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ICICI Direct’s currency report on EURINR
The Euro advanced marginally by 0.05% yesterday in anticipation that ECB policymakers will remain hawkish even if the region enters into a recession as headline inflation is five times the central bank’s target. However, sharp gains were capped on risk aversion in the domestic markets and strong dollar • The Euro is expected to trade with a positive bias amid weak dollar and optimistic global markets sentiments. Further, expectation of improved economic data from Germany will support single currency. In the meantime, all eyes will be on outcome of major central banks monetary policy across globe. EURUSD is taking support near 1.0490 levels. As long as it sustains above this level, EURUSD may rally back to 1.0600 levels. EURINR (December) is expected to trade in a range of 87.10-87.70
Intra-day strategy
| EURINR Dec futures contract (NSE) | |
| Buy EURINR in the range of 87.28-87.30 | |
| Target: 87.70 | Stoploss: 87.10 |
| Support: 87.10/87.00 | Resistance: 87.60/87.70 |
For all Currency report, click here
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13122022 – currency
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