EURRUB - Daily - The Ruble is trying to fight back
Looking at the overall picture on EURRUB, the pair had a good run in December, where the Russian Ruble devalued against the common currency. 2019 has started with the Ruble trying to recover some of its losses agains the Euro.
It like the pair might continue traveling further down, but only if it breaks below the 77.330 support area. This way, we can start targeting the medium-term upside support line, which started off in July and could be a good area for a test. That said, if the upside line continues to hold, then we might see the bulls stepping in again, in order to take advantage of the lower rate, which may lead to another leg of buying.
In order to start examining the downside from the long term perspective, we need to see a clear break below the aforementioned upside line and also the rate would have to fall below the 75.12 area. This way we could get more confident in the downside scenario.
Please see the chart for details.
Don't forget your stop-loss.
It like the pair might continue traveling further down, but only if it breaks below the 77.330 support area. This way, we can start targeting the medium-term upside support line, which started off in July and could be a good area for a test. That said, if the upside line continues to hold, then we might see the bulls stepping in again, in order to take advantage of the lower rate, which may lead to another leg of buying.
In order to start examining the downside from the long term perspective, we need to see a clear break below the aforementioned upside line and also the rate would have to fall below the 75.12 area. This way we could get more confident in the downside scenario.
Please see the chart for details.
Don't forget your stop-loss.