ICICI Direct, The Euro slipped by 0.13% yesterday, mainly on the back of risk aversion in global markets and a strong dollar.
December 23, 2022 / 10:16 AM IST
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ICICI Direct’s currency report on EURINR
The Euro slipped by 0.13% yesterday, mainly on the back of risk aversion in global markets and a strong dollar. However, sharp downside was cushioned on hawkish statement from an ECB policymaker. ECB Vice-President Luis de Guindos said the central bank may raise interest rates at its current pace for a period of time to curb inflation. Increases of 50 bps may become the new norm in the near term • The Euro is expected to trade with a negative bias mainly on the back of firm dollar and weak global market sentiments. Market sentiments were hurt as upbeat economic data from the US fuelled worries among investors that the US Fed may stay on its aggressive monetary policy tightening path. However, sharp downside may be cushioned on hawkish statements from ECB officials and expectation of improved economic data from Euro Area. EURUSD is facing strong resistance near 1.0650 levels. As long as it sustains below this level, it may slip back to 1.0530 levels. EURINR (December) is expected to trade in a range of 87.70-88.40.
Intra-day strategy
| EURINR Dec futures contract (NSE) | |
| Sell EURINR in the range of 88.18-88.20 | |
| Target: 87.80 | Stoploss: 88.40 |
| Support: 87.80/87.70 | Resistance: 88.40/88.50 |
For all Currency report, click here
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23122022 – currency
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