Sell EURINR; target of : 84.50 : ICICI Direct

ICICI Direct's currency report on EURINR

Euro slipped yesterday amid strong dollar and subdued global market sentiments. Meanwhile, inflation in Germany and Spain eased this month lifting investors hopes that the worst of the regions price crisis may soon be over • Euro is expected to trade with a negative bias on strong dollar and gloomy global market sentiments. Further, market participants will focus more on CPI data from Euro Zone as data from Germany and Spain showed that inflation eased while ECB President Lagarde said on Monday that euro zone inflation hasn’t peaked yet. EURUSD is facing resistance near 1.0400 levels, as long as it sustains below this level EURUSD may slip back to 1.0270 levels. EURINR (December) is expected to trade in a range of 84.50-85.10.

Intra-day strategy

EURINR Dec futures contract (NSE)

Sell EURINR in the range of 84.90-84.92

Target: 84.50

Stoploss: 85.10Support: 84.60/84.50

Resistance: 85.10/85.20

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