13 Jan 2015
EUR/RUB expected to slide back towards 65.61 levels – Commerzbank
FXStreet (Barcelona) - Axel Rudolph of Commerzbank, expects EUR/RUB to move back near the support at 65.61, and gradually drift further lower towards the November high of 60.25 in coming months.
Key Quotes
“EUR/RUB’s sharp rally took it to an all-time high at 97.81 before a reversal was made and a drop to the December low at 62.21 ensued.”
“We expect the currency pair to remain below its early January high at 76.83 and the 38.2% Fibonacci retracement at 77.93 on a daily chart closing basis.”
“As long as this is the case, a slide back towards the two month support line at 65.61 is to be seen.”
“Below it the 55 day moving average and the December low at 64.77 and 62.21 could also be revisited.”
“We believe that a major high was made at 97.81 and that this will not be retested during 2015.“
“Instead a gradual drift lower towards the early November high at 60.25 should unfold in the weeks and months to come.”
Key Quotes
“EUR/RUB’s sharp rally took it to an all-time high at 97.81 before a reversal was made and a drop to the December low at 62.21 ensued.”
“We expect the currency pair to remain below its early January high at 76.83 and the 38.2% Fibonacci retracement at 77.93 on a daily chart closing basis.”
“As long as this is the case, a slide back towards the two month support line at 65.61 is to be seen.”
“Below it the 55 day moving average and the December low at 64.77 and 62.21 could also be revisited.”
“We believe that a major high was made at 97.81 and that this will not be retested during 2015.“
“Instead a gradual drift lower towards the early November high at 60.25 should unfold in the weeks and months to come.”