ICICI Direct, The Euro depreciated by 1.11% yesterday mainly on the back of a strong dollar.
January 04, 2023 / 01:06 PM IST
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ICICI Direct’s currency report on EURINR
The Euro depreciated by 1.11% yesterday mainly on the back of a strong dollar. Further, the Euro slipped after German inflation data showed that price pressure eased in December. Lower figures led to speculation that the ECB may slow down its pace of rate hikes and may even pause it sooner than anticipated • The Euro is expected to trade with a negative bias on a strong dollar and risk aversion in global markets. Market sentiments were hurt on concerns over a global economic slowdown and as China’s factory activity shrank in December at the sharpest pace in nearly three years. On top of it, expectation of disappointing economic data from the euro area may hurt the single currency. EURUSD, in the past couple of days, was trading in a range of 1.06-1.07 level. It has now broken the support level of 1.0600 level and is moving towards 1.0490 levels. EURINR (January) is expected to trade in a range of 87.25-88.10.
Intra-day strategy
| EURINR Jan futures contract (NSE) | |
| Sell EURINR in the range of 87.88-87.90 | |
| Target: 87.50 | Stoploss: 88.10 |
| Support: 87.50/87.25 | Resistance: 88.10/88.30 |
For all Currency report, click here
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04012023 – currency
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