ICICI Direct’s currency report on EURINR

The Euro tumbled more than 0.40% yesterday amid an uptick in the US dollar. Meanwhile, further downside was prevented after ECB policymaker Pablo Hernandez de Cos said core inflation in the eurozone is likely to stay high for the rest of 2023, leaving the door open for further interest rate hikes • The Euro is expected to trade on a bearish note amid a strong US dollar. Further, market participants will closely watch retail sales (MoM) data from the Euro area, which is expected to drop from 0.3% to -0.8%. EURUSD is likely to break the level of 1.0830 to continue its downward trend towards the level of 1.0810. EURINR is expected to drop towards the level of 89.20.

Intra-day strategy

EURINR Apr futures contract (NSE)
Sell EURINR in the range of 89.48-89.50
Target: 89.20 Stoploss: 89.70
Support: 89.20/89.10 Resistance: 89.70/89.80

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