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ICICI Direct’s currency report on EURINR
The Euro remained volatile and dropped yesterday amid strong dollar and sharp drop in German 10 years bond yields. Meanwhile, further downside was restricted as the consumer price inflation in the Euro Area was revised slightly higher to 8.6% YoY in January 2023, up from a preliminary estimate of 8.5% and well above the European Central Bank’s target of 2.0% • We expect Euro to trade with a negative bias for the day amid weakness in German government bond yields and strong dollar. Meanwhile, traders will closely watch German GDP Q4 data from the euro area, which is expected to remain unchanged. EURUSD is likely to break the key support level of 1.0580 to continue its downward trend towards the level of 1.0560. EURINR (February) is expected to drop towards the level of 87.40.
Intra-day strategy
| EURINR Feb futures contract (NSE) | |
| Sell EURINR in the range of 87.70-87.71 | |
| Target: 87.40 | Stoploss: 87.90 |
| Support: 87.40/87.30 | Resistance: 87.90/88.00 |
For all Currency report, click here
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24022023 – currency
