USD/RUB – Corrective pullback into key support

Chris Capre 2ndskiesforex

Price Action Context

Following the massive +25% bull run last month, since the 19th of March, price has been pulling back slowly in a corrective fashion and is now closing in on a key support.

Trending Analysis

Bias is bullish across the board and the current slow pullback suggests that there still is a solid amount of bullish order flow present. The current price levels can present bulls with potential trading opportunities. A failure of this support on the other hand would open up a good amount of further downside IMO as the next support in line is a weekly support that starts coming in at around 72.00.

Long-Term Key Support & Resistance Zones

Resistance: 81.00 – 82.80
Support: 74.80 – 75.60

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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