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ICICI Direct’s currency report on EURINR

The Euro resumed its rally on Monday amid a sell-off in the dollar. The pair rose by 0.86% on Monday to 1.073 amid expectation that ECB will raise interest rates by 50 bps in its next policy. The Euro is expected to trade with a positive bias amid weakness in dollar. The pair rallied above the key psychological mark at 1.07 and confirmed the trend reversal double bottom pattern, suggesting further upside. Now the pair is hovering near the higher band of the Bollinger band channel resistance at 1.075, which could act as immediate hurdle for the pair. On the downside, 1.0633 (Mid Bollinger band) holds key support for the pair. Hence, as long as 1.0633 holds, the pair is expected to rise towards the 1.075 to 1.078 zone. EURINR (March) is likely to rise towards 88.80 as long as it holds the key support at 87.70.

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14032023 – currency