EUR/RUB set to march forward towards the 92.52/99 zone – Commerzbank

EUR/RUB’s April high at 92.99 was made below the September and October highs at 93.33/94.11 before the cross dropped to its late April low at 89.94 to then stabilise. The pair is seen heading back up towards the 92.52/99 resistance area while support at 89.94 underpins, in the view of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.

EUR/RUB to remain side-lined below the November high at 94.11

“A rise towards the 92.52/99 December-to-January and April highs is currently back on the cards and will remain so while the recent low at 89.94 underpins. This area may cap again, however, if reached at all that is. If not, the November high at 94.11 would be back on the map.” 

“Immediate support below the 89.94 April low can be found between the 55 and 200-day moving averages at 89.86. Then there are the January and February lows at 88.75/64, the December trough at 88.32 and the late March low at 88.22 followed by the March low at 86.51.”