EUR/RUB 1H Chart: Descending channel in sight - Trade Pattern Ideas - Dukascopy Bank

Mon, 04 Nov 2019 11:50:22 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralNeutral
Alligator(13;8;5)NeutralNeutralSell
SAR(0.02;0.2)SellBuySell
Aggregate

The Euro has been depreciating gradually against the Russian Ruble since the beginning of October. This movement has been bounded in the medium-term descending channel.

Given that the EUR/RUB exchange rate is pressured by the 55-, 100- and 200-hour SMAs, it is likely that bears could prevail in the market in the short run. If the given channel does not hold, the rate could target the psychological level at 70.00.

However, if the given channel holds, it is likely that the currency pair could trade downwards within the given pattern in the nearest future. Also, it is unlikely that bulls could prevail, and the pair could exceed the monthly R1 at 72.08.


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