EUR/RUB 1H Chart: Downside potential likely

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Buy Buy
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The common European currency has declined significantly against the Russian Ruble after the pair reversed from the upper boundary of a long-term ascending channel at 81.77.  

Currently, the exchange rate is re-testing the support level formed by the weekly S1 at the 75.17 mark. Given that the 55– and 100-hour SMAs are located above the price, a breakout through the support level is likely to occur within the next trading sessions.  

By the large, it is expected that the currency pair continues its decrease until the lower channel line in the 74.50/75.00 range is reached.

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