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USD/RUB 1H Chart: Short-term channel in sightThe Russian Ruble has been depreciating against the US Dollar since early August under the pressure from new the US sanctions. At the time of this analysis, the exchange rate had reached the lower boundary of a short-term ascending channel near 67.20. It is very likely that an upside momentum starts prevailing in the nearest future as the 55-period SMA (4H) push the rate up. Technical indicators on the 4H and 1D time-framers support this bullish scenario. The nearest target for the exchange rate is the 68.00/50 area.
by UnknownUnicorn890690
EUR/RUB 1H Chart: Bulls likely to prevailThe EUR/RUB exchange rate has been trading in an ascending channel for two weeks now. As apparent on the chart, the Euro has reached a resistance cluster formed by the combination of the 55–, 100- and 200-hour SMAs near the 79.00/20 mark. It is expected that the rate eventually gathers the necessary momentum to breach this resistance. It is the unlikely case that some bearish pressure still prevails in the market, the Euro should not exceed the weekly S1 at 77.77.
by UnknownUnicorn890690
Possible pattern recurrence. Neutral.USDRUB has broken the previous Rectangle on 1D to the upside (RSI = 67.004, MACD = 1.132, Highs/Lows = 1.0010, B/BP = 2.0066). However the currently High Volatility on 1D (ATR = 0.9168) as well as the overbought action on 1W (RSI = 73.797, STOCHRSI = 76.158, Williams = -15.552, CCI = 219.8375) indicate that the pair may enter another consolidation phase/ Rectangle. That is a scalping opportunity with (due to the 1W Channel Up) a bullish primary sentiment (dip buying).
by InvestingScope
EUR/RUB 4H Chart: Larger scale reviewThe previously described ascending channel pattern of the EUR/RUB currency exchange rate was broken last week. With the breaking of that pattern a new massive scale descending pattern was revealed. In the aftermath of the breaking of the channel up pattern a narrow ranged descending pattern, which represented the following plummeting of the Euro against the Russian currency. In addition, during the move the previously active long term channel up was broken, and its support reconfirmed as resistance. The short version is that the pair is unlikely going to be guided by the narrow channel down. However, expect the reveal of a new long term descending pattern. The junior channel down just shows the first move in the borders of a larger pattern.
by UnknownUnicorn890690
EUR/RUB 1H Chart: Pair falls below strong supportThe bearish momentum which guided the EUR/RUB exchange rate during the first part of May changed its direction later in that month. As a result, the pair formed a new ascending channel. The latest wave down from the upper channel line was guided by the 200-period (4H) SMA. By Thursday morning, the pair had fallen below the 55-, 100– and 200-period SMAs on both the 1H and 4H charts. This suggests that some downside risks might still dominate the market this week. The nearest support is provided by the senior channel line and the 100-day SMA at 72.50. In case this cluster is broken, the Euro is likely to target the 200-day SMA near 70.80. Conversely, a bullish reversal near 72.70 should result in a surge up to the upper channel line near 75.00.
by UnknownUnicorn890690
EUR/RUB 4H Chart: Rate approaches junior channelThe Euro strengthened significantly against the Russian Ruble mid-April. The pair surged unexpectedly 12.80% within four days, thus shooting past the upper boundary of a two-year channel near 78.00. This move proved to be a false breakout, as the pair returned within this channel and began easing its strong bullish momentum. As apparent on the chart, the Euro is gradually approaching the bottom boundary of a shorter-term channel formed in December, 2016. Given that the pair is located below the 55-, 100– and 200-period SMA, its is likely that the current bearish momentum continues until this junior channel and the 38.20% Fibonacci retracement are reached near 71.55 this month. At the time, technical indicators on the daily time-frame would be located in the oversold territory, thus pointing to a reversal and subsequent surge in price.
by UnknownUnicorn890690
EUR/RUB 1H Chart: Pair bullish in medium termFollowing the massive 13% surge which occurred early in April, the common European currency has been trading in an descending wedge against the Russian Ruble. It seems that this pattern might soon reach its maturity, thus resulting in a breakout and a subsequent surge in this direction. Given that the pair entered the wedge from below, the most likely scenario is a breakout to the upside in the medium term. It is still likely that the pair is pushed slightly lower this week. The most probable downside target is the 73.00 area where the 55-day and 200-period (on the 4H time-frame) SMAs are located. In case the bullish sentiment continue to prevail, the Euro should appreciate towards the 76.00 area in a week’s time.
Long
by UnknownUnicorn890690
EUR/RUB 1H Chart: Pair trades sideways after massive surgeEUR/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.
by UnknownUnicorn890690
EUR/RUB 1H Chart: Bulls lose momentumThe common European currency has been strengthening against the Russian Ruble for the past few weeks. This movement has been bound in a medium-term ascending triangle. The upper boundary of this pattern is a 2017/2018 high of 72.00. It seems that the prevailing bullish sentiment has allayed, as the pair has failed to overcome the 71.50 mark during the last two weeks. As a result, a downward-sloping trend-line was drawn. This lack of strong upside momentum suggests that bulls are unlikely to push as high as the 72.00 area. Thus, the Euro might continue respecting the aforementioned trend-line and edge lower down to the bottom triangle line located in the 69.20/40 area. This scenario could be confirmed with a breakout of the 55-, 100– and 200-hour SMAs circa 70.80.
Short
by UnknownUnicorn890690