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ICICI Direct’s currency report on EURINR
The Euro slid the most on Friday after European banking concerns diminished the bullish bets on the Euro. The European banks with high exposure to corporate lending were hit the most on Friday. Additionally weaker set of Manufacturing PMI numbers also weighed over the Euro to trim its weekly gains • The Euro is expected to trade on a weaker note amid strong recovery in dollar and weakness in the European banking sector. Rising worries over potential contagion beyond regional banks threatening to spread to their larger peers would also weaken the Euro. The pair is likely to dip towards the immediate support zone of 1.0670 as it reversed from the higher end of the Bollinger band channel at 1.0920. EURINR (March) is likely to dip towards the 20 day EMA at 88.00, as long as it remains under 89.60.
|EURINR March futures contract (NSE)|
|Sell EURINR in the range of 88.75-88.76|
|Support: 88.30/88.10||Resistance: 89.05/89.30|
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