ICICI Direct, The Euro appreciated by 0.47% yesterday, mainly on the back of weakness in the dollar and optimistic global market sentiments.
December 30, 2022 / 10:24 AM IST
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ICICI Direct’s currency report on EURINR
The Euro appreciated by 0.47% yesterday, mainly on the back of weakness in the dollar and optimistic global market sentiments. However, sharp upside was capped on disappointing economic data from the euro area • The Euro is expected to trade with a positive bias for the day amid a soft dollar and rise in risk appetite in global markets. However, sharp upside may be capped as investor will remain cautious ahead of inflation data from Spain and Chicago PMI data from US to get fresh direction cues. EURUSD is holding support near 1.0600 levels. As long as it sustains above this level, it may rise to 1.0730 levels. EURINR (January) is expected to trade in a range of 88.10-88.70.
Intra-day strategy
| EURINR Jan futures contract (NSE) | |
| Buy EURINR in the range of 88.28-88.30 | |
| Target: 88.70 | Stoploss: 88.10 |
| Support: 88.10/88.00 | Resistance: 88.70/88.80 |
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30122022 – currency
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