Buy EURINR; target of : 85.05 : ICICI Direct

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ICICI Direct’s currency report on EURINR

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The Euro appreciated by 1.19% amid hawkish statement from ECB. European Central Bank may change their stand towards tighter monetary policy to tame the elevated inflation boosted Euro • The Euro is expected to trade with a positive bias on the back of weakness in the dollar. Further, hawkish comments from ECB president Christine Lagarde likely to lift euro for the day. However, disappointing Retail sales data from Euro zone may cap further upside in the single currency. The Euro area Retail sales is forecasts to decline by -0.50% in December compared to 1.0% in the previous month. Going ahead, EURINR (February) is expected to head further towards 85.05 to 85.30 levels for the day.

Intra-day strategy 

EURINR February futures contract (NSE)
Buy EURINR in the range of 84.72-84.75
Target: 85.05 Stop Loss: 84.60
Support: 84.60/84.40 Resistance: 85.05/85.30

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