EUR/RUB 1H Chart: Pair trades sideways after massive surge
EUR/RUB shot up considerably two weeks ago when it appreciated 12.98% in the course of three trading sessions. As a result, the Euro made a false breakout from a senior channel valid since late 2016.
The rate has since edged lower, but nevertheless failed to breach the 74.96 area on several occasions. This has left the rate in a range between this level and the 50.0% Fibonacci retracement at 76.51. The pair was supported by the 55-, 100– and 200-hour SMAs at 75.60 mid-Thursday.
Technical indicators demonstrate that there is still some upside potential in the market. Thus, the Euro might use the aforementioned support to push higher towards the senior channel or the 61.80% Fibo retracement at 79.75 and 80.65, respectively.
However, the bearish sentiment should eventually take the upper hand. The pair has to breach 74.70 to the downside in order to confirm this scenario.
The rate has since edged lower, but nevertheless failed to breach the 74.96 area on several occasions. This has left the rate in a range between this level and the 50.0% Fibonacci retracement at 76.51. The pair was supported by the 55-, 100– and 200-hour SMAs at 75.60 mid-Thursday.
Technical indicators demonstrate that there is still some upside potential in the market. Thus, the Euro might use the aforementioned support to push higher towards the senior channel or the 61.80% Fibo retracement at 79.75 and 80.65, respectively.
However, the bearish sentiment should eventually take the upper hand. The pair has to breach 74.70 to the downside in order to confirm this scenario.