On Wednesday, the Russian rouble slumped, diving around 3% to hit a near two-year low past 81 to the dollar as Ukraine declared a state of emergency, with sanctions and invasion fears hammering Russian bonds and stocks. Ukraine told its citizens in Russia to come home. At the same time, Moscow began evacuating its Kyiv embassy in the latest ominous sign for Ukrainians who fear an all-out Russian military onslaught.

USD/RUB has been consolidating in a narrow range of 81.48-81.63 in the early Asian session amid the declaration of emergency by Ukraine and formed a triple top formation on a weekly chart. The USD/RUB pair peaked above the 80.0000 earlier today, returning to Oct. 30, 2020, high before retreating, potentially forming a Shooting Star . This one-candle pattern demonstrates a bearish response, signaling bulls have been beaten back. It touches and rebounds from the 81 levels. It would be interesting how the traders will reach in the following days and weeks. However, if the price does make new highs, there is a chance that some investors will be aware of this resistance failure. Their interest could become support, pushing the price yet higher. For now, however, traders should treat the 80 levels with caution. If the bears are awakened, they can bring the price to test the peak from April 2021 around 78. Looking at Fibonacci levels, which are confirmed many times on the weekly chart, the price can correct 61.8 Fibo level, which is strong support around 73 or lower to 50 Fibo levels around 70 and confirmed the formation October 2020 to December 2020.

But if the bulls decide to remain aggressive on the market, the price could be taken further north and reach the levels from the beginning of 2016 around 85.

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