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ICICI Direct’s currency report on EURINR

The Euro continued to trade above the key psychological level of 1.07 as recovery in global equities helped it to trade on a firmer note. The pair settled near one month highs amid expectation that ECB will raise interest rates by 50 bps in its next policy • The Euro is expected to hold its gains today amid expectation of better-than-expected economic numbers. The eurozone Industrial production numbers are set to gain by 0.3% against last month’s decline of 1.1%. Further, expectation of higher inflation numbers form Germany and France would also raise the prospects of tighter monetary policy form the ECB. 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, 1.065 (Mid Bollinger band) holds key support for the pair. The momentum indicator suggests bullish bias, as RSI is hovering above 55. Hence, any dip towards the supports would be considered as good buying opportunity in the pair. EURINR (March) is likely to rise towards 88.80 as long as it holds the key support at 87.70.

Intra-day strategy

EURINR March futures contract (NSE)
Buy EURINR in the range of 88.15-88.17
Target:88.60 Stoploss: 87.90
Support: 88.10/87.74 Resistance: 88.60/88.80

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15032023 – currency