Dukascopy

EUR/RUB 1H Chart: Bulls likely to prevail

FOREXCOM:EURRUB   Euro / Russian Ruble
The EUR/RUB exchange rate has been trading in an ascending channel for two weeks now.

As apparent on the chart, the Euro has reached a resistance cluster formed by the combination of the 55–, 100- and 200-hour SMAs near the 79.00/20 mark. It is expected that the rate eventually gathers the necessary momentum to breach this resistance.
It is the unlikely case that some bearish pressure still prevails in the market, the Euro should not exceed the weekly S1 at 77.77.
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