Dukascopy

EUR/RUB 1H Chart: Previous forecast at work

FOREXCOM:EURRUB   Euro / Russian Ruble
The previous forecast worked, and the EUR/RUB currency pair has reached the lower boundary of a long-term ascending channel located circa 74.70.

As apparent on the chart, the exchange rate is trading near given channel line. From a theoretical point of view, a reversal north should occur in the nearest future. An important resistance level to look out for is the Fibonacci 23.60% retracement at 76.71.

By the large, it is expected that the currency pair targets the upper trend line located in the 83.50/85.00 range.

However, technical indicators suggest that this advance might not be immediate, and the pair could re-test the lower channel line.
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