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ICICI Direct’s currency report on EURINR

The Euro extended its rebound on Friday as dollar slide to its lowest level in a week. Further, sticky German CPI numbers raised the hopes of increase in interest rates by ECB in its next policy. The German CPI rose by 0.8% MoM in February • The Euro is expected to trade with a positive bias amid softness in dollar and expectation of tighter monetary policy from the ECB. The pair made a trend reversal double bottom near 1.052 and moved back above the 20 day EMA at 1.063, suggesting bull case. Further , formation of a bullish engulfing pattern will also support the pair. Hence, as long as it holds the immediate support at 1.052, the pair is likely to rise towards 1.0694. A move above 1.0694 would push the pair further towards 1.0790. EURINR (March) is likely to rise towards 88.10 as long as it holds the key support at 87.00.

Intra-day strategy

EURINR March futures contract (NSE)
Buy EURINR in the range of 87.15-87.16
Target:87.50 Stoploss: 86.90
Support: 86.90/86.70 Resistance: 87.50/87.80

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13032023 – currency