EUR/RUB managed to get back to its medium-term upside support line taken from the low of the 4th of June. Certainly, as long as that line remains intact we should aim for higher levels, but on the 9th of November the pair failed to push further up, in order to create a higher high, instead, EUR/RUB moved back south. That is why we remain cautious for now and wait for a break of one of our key levels.
If the pair rebounds from the aforementioned upside support line and breaks above the 75.000 obstacle, this could be a sign of hope for the bulls that there is a chance for EUR/RUB to move higher. In order to get comfortable with the upside, we would need to see a good push back above the 75.550 barrier, marked near the high of the 19th of November. If that barrier doesn’t hold the rate down, the bulls would be more than happy to lift the pair to the next potential area of resistance at 76.014, which was the inside swing high of the 14th of November.
Alternatively, if the above-mentioned medium-term upside support line breaks and EUR/RUB travels below the 74.430 hurdle, this could open the path towards the 73.978 level, which was the low of the 24th of October. If that level is not able to withstand the bear-pressure, a further decline might lead the pair to the 73.118 zone, marked by the low of the 3rd of August.
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