EUR/RUB is likely to revisit the 80.38/79.03 October low and 200-week moving average provided that 86.60 caps before rising in Q1 2022, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
EUR/RUB to slide to the 80.38/79.03 zone
“EUR/RUB’s descent eyes the 80.38/79.03 October low and 200-week moving average while the June-to-August lows and mid-September high at 85.75/86.60 cap.”
“Should the 80.38/79.03 support zone give way, we would have to allow for the 55 month moving average, June 2020 low and 2013-2021 uptrend line at 77.69/75.26 to be hit. The latter we expect to hold throughout the remainder of this year and during 2022, though. From there another uptrend should begin in Q1 2022.”
“For a bullish reversal to occur before 2022 not only the recent minor highs at 83.66/70 would need to be exceeded but also the above mentioned 85.75/86.60 resistance area. Stronger resistance can be found between the 200-day moving average at 87.42 and the July 2021 high at 89.05. This area may well be reached during 2022 when the 2020 uptrend is expected to resume.”
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.