ICICI Direct, The Euro depreciated almost 0.60% on Friday amid a strong dollar.
February 13, 2023 / 10:08 AM IST
ICICI Direct’s currency report on EURINR
The Euro depreciated almost 0.60% on Friday amid a strong dollar. Meanwhile, further downside was prevented as ECB board member Isabel Schnabel said the European Central Bank must still raise interest rates significantly as broad disinflation has not yet started. Also, rise in German 10 years bond yields supported the Euro • We expect the Euro to trade with a negative bias for the day amid a strong dollar and pessimistic global market sentiments. Meanwhile, sharp downside may be cushioned as the ECB’s policymaker’s signalled that the bank needs to keep raising rates beyond March and must hold them at high levels for a while even if inflation falls. EURINR (February) is likely to continue trading in downward trend towards the level of 88.20.
Intra-day strategy
| EURINR Feb futures contract (NSE) | |
| Sell EURINR in the range of 88.48-88.50 | |
| Target: 88.20 | Stoploss: 88.70 |
| Support: 88.20/88.00 | Resistance: 88.70/88.90 |
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