ICICI Direct, The Euro slipped yesterday mainly on the back of strong dollar and risk aversion in global markets.
December 06, 2022 / 09:14 AM IST
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ICICI Direct’s currency report on EURINR
The Euro slipped yesterday mainly on the back of strong dollar and risk aversion in global markets. Additionally, disappointing economic data from euro area added downside pressure on single currency. Europe final services PMI data showed that activity in the sector contracted for a third consecutive month. Retail sales declined 1.8% in October 2022 compared to 0.8% rise in September 2022 • The Euro is expected to trade with a negative bias amid strong dollar and pessimistic global markets sentiments. Further, long awaited EU embargo on imports of Russian oil and oil products came into force. Additionally, disappointing economic data from Euro Area will hurt single currency. The EURUSD is facing resistance near 1.0550 levels. As long as it sustains below this level, the EURUSD may slip back to 1.0450 levels. EURINR (December) is expected to trade in a range of 86.00-86.65.
Intra-day strategy
| EURINR Dec futures contract (NSE) | |
| Sell EURINR in the range of 86.43-86.45 | |
| Target: 86.05 | Stoploss: 86.65 |
| Support: 86.05/85.90 | Resistance: 86.65/86.75 |
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