EUR/RUB’s April high at 92.99 was made below the September and October highs at 93.33/94.11 before the cross dropped to its late April low at 89.94 to then stabilise. The pair is seen heading back up towards the 92.52/99 resistance area while support at 89.94 underpins, in the view of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.
EUR/RUB to remain side-lined below the November high at 94.11
“A rise towards the 92.52/99 December-to-January and April highs is currently back on the cards and will remain so while the recent low at 89.94 underpins. This area may cap again, however, if reached at all that is. If not, the November high at 94.11 would be back on the map.”
“Immediate support below the 89.94 April low can be found between the 55 and 200-day moving averages at 89.86. Then there are the January and February lows at 88.75/64, the December trough at 88.32 and the late March low at 88.22 followed by the March low at 86.51.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.