EUR/RUB: Surge higher to wane at the 94.11 November high – Commerzbank

The EUR/RUB pair has been swiftly heading higher these past few days but is expected to be capped by 93.33/94.11, as Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes. 

EUR/RUB is seen rising back towards the November high at 94.11

“We continue to believe that the next higher September and October highs at 93.33/94.11 will cap any further attempt at an upside. Were we proved to be incorrect, however, we would have to allow for the minor psychological 95.00 mark to be reached.” 

“Immediate support can be found between the late February and March highs as well as at the April 8 low at 91.16/10. Further potential support comes in along the 55-day moving average and the two-month support line at 89.74/55 as well as along the 200-day moving average at 89.13. 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.”