ICICI Direct’s currency report on EURINR

The Euro appreciated by more than 0.50% on Tuesday amid weakness in the US dollar. Further, the Euro was supported after data showed German’s trade surplus was at €16 billion in February 2023, little-changed from the previous month and below market expectations of €17 billion. Still, it was the largest trade surplus since July 2021, as exports grew the most in 10 months to a record-high • The Euro is expected to trade on a bullish note amid soft dollar. Meanwhile, sharp upside may be restricted as German factory orders are expected to drop from 1.00% to 0.3%. EURUSD is likely to surpass the hurdle of 1.1000 to continue its upward trend towards the level of 1.1030. EURINR is expected to trade in upward trend towards the level of 90.20.

Intra-day strategy

EURINR Apr futures contract (NSE)
Sell EURINR in the range of 89.90-89.92
Target:90.20 Stoploss: 89.70
Support: 89.70/89.60 Resistance: 90.20/90.30

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05042023 – curr