ICICI Direct, The Euro recovered its earlier losses and rose yesterday amid weak dollar and rise in risk appetite in global markets.
February 01, 2023 / 09:22 AM IST
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ICICI Direct’s currency report on EURINR
The Euro recovered its earlier losses and rose yesterday amid weak dollar and rise in risk appetite in global markets. Further, the Euro was supported as the eurozone economy grew slightly by 0.1% in the final quarter of 2022, beating market consensus of a 0.1% contraction • We expect the Euro to continue trading in an upward trend for the day amid weakness in the dollar and rise in risk appetite in global markets. Further, market participants will remain cautious ahead of a series of key macroeconomic data from the Euro area like CPI data, which is expected to drop from 9.2% to 9.0%. EURUSD is expected to surpass the hurdle of 1.0890 level to continue its upward trend towards the level of 1.0900. EURINR (February) is likely to rise towards the level of 89.20
Intra-day strategy
| EURINR Feb futures contract (NSE) | |
| Buy EURINR in the range of 88.88-88.90 | |
| Target: 89.20 | Stoploss: 88.70 |
| Support: 88.70/88.60 | Resistance: 89.20/89.30 |
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