Patterns: USD/RUB, EUR/RUB
|USD/RUB 4H Chart: Short-term advance expected
The USD/RUB currency pair has been appreciating since the end of June after it reversed north from the Fibo 50.00% at 68.84.
Given that the exchange rate is guided by an ascending trend line, it is likely that some upside potential could prevail in the market in the nearest future. In this case the rate could target the psychological level at 78.00.
In the meantime, note that the currency pair would have to exceed the Fibo 23.60% at 75.76. If the given resistance holds, it is likely that a reversal south could occur.
EUR/RUB 4H Chart: Two scenarios likely
The EUR/RUB exchange rate has been trading upwards since the end of June after it re-tested the 77.00 level.
It is likely that some upside potential could prevail in the market as the currency pair could gain support from the 55-, 100– and 200-hour SMAs in the 82.30/86.80 area.
Meanwhile, note that the exchange rate would have to exceed the psychological level at 90.00. If the given level holds, it is likely that a reversal south could follow. Otherwise, the rate could target the monthly R2 at 93.89.
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