EUR/RUB 4H Chart: Falling wedge pattern in sight

Fri, 11 Dec 2020 13:09:10 GMT

Source: Dukascopy Bank SA

4H 1D 1W
MACD(12;26;9) Sell Sell Buy
RSI(14) Neutral Neutral Neutral
Stochastic(5;3;3) Neutral Buy Buy
Alligator(13;8;5) Sell Sell Buy
SAR(0.02;0.2) Sell Sell Sell
Aggregate

Since the end of October, the EUR/RUB currency pair has been declining within a falling wedge pattern.

From a theoretical perspective, it is likely that the exchange rate could breach the predetermined pattern within the following trading sessions. The rate could re-test the psychological level at 94.00.

Meanwhile, note that the currency pair is pressured by the 55-, 100– and 200-period moving averages in the 90.00/91.00 range. Thus, some downside potential could continue to prevail in the market.

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