Loading...
by Darius Anucauskas

Is It The Rubble Strength Or The Euro Weakness?

EUR/RUB managed to get back to its medium-term upside support line taken from the low of the 4th of June. Certainly, as long as that line remains intact we should aim for higher levels, but on the 9th of November the pair failed to push further up, in order to create a higher high, instead, EUR/RUB moved back south. That is why we remain cautious for now and wait for a break of one of our key levels.

If the pair rebounds from the aforementioned upside support line and breaks above the 75.000 obstacle, this could be a sign of hope for the bulls that there is a chance for EUR/RUB to move higher. In order to get comfortable with the upside, we would need to see a good push back above the 75.550 barrier, marked near the high of the 19th of November. If that barrier doesn’t hold the rate down, the bulls would be more than happy to lift the pair to the next potential area of resistance at 76.014, which was the inside swing high of the 14th of November.

Alternatively, if the above-mentioned medium-term upside support line breaks and EUR/RUB travels below the 74.430 hurdle, this could open the path towards the 73.978 level, which was the low of the 24th of October. If that level is not able to withstand the bear-pressure, a further decline might lead the pair to the 73.118 zone, marked by the low of the 3rd of August.

EURRUB 4hour

Disclaimer:

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Brokers, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Brokers analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyzes and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyzes and must therefore be viewed by the reader as marketing information. JFD Brokers prohibits the duplication or publication without explicit approval.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with the Company. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure.

Copyright 2018 JFD Brokers Ltd.

 

WEEKLY FINANCIAL NEWSLETTER
RIGHT INTO YOUR MAILBOX!
SUBSCRIBE TO JFD'S STRATEGIC REPORT