EUR/RUB 1H Chart: Pair bullish in medium term
Following the massive 13% surge which occurred early in April, the common European currency has been trading in an descending wedge against the Russian Ruble.
It seems that this pattern might soon reach its maturity, thus resulting in a breakout and a subsequent surge in this direction. Given that the pair entered the wedge from below, the most likely scenario is a breakout to the upside in the medium term. It is still likely that the pair is pushed slightly lower this week. The most probable downside target is the 73.00 area where the 55-day and 200-period (on the 4H time-frame) SMAs are located.
In case the bullish sentiment continue to prevail, the Euro should appreciate towards the 76.00 area in a week’s time.
It seems that this pattern might soon reach its maturity, thus resulting in a breakout and a subsequent surge in this direction. Given that the pair entered the wedge from below, the most likely scenario is a breakout to the upside in the medium term. It is still likely that the pair is pushed slightly lower this week. The most probable downside target is the 73.00 area where the 55-day and 200-period (on the 4H time-frame) SMAs are located.
In case the bullish sentiment continue to prevail, the Euro should appreciate towards the 76.00 area in a week’s time.