EUR/RUB may rise to 109.480 - 113.010

Our pivot point stands at 94.140.

Our preference

The upside prevails as long as 94.140 is support.

Alternative scenario

The downside breakout of 94.140 would call for 88.420 and 85.020.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 94.781 and 94.720). Finally, the EUR/RUB is trading above its upper Bollinger band (standing at 99.849).

Supports and resistances

120.080 **

116.550 *

113.010 **

109.480

102.390 last

96.380

94.140 **

88.420 *

85.020 **

Number of asterisks represents the strength of support and resistance levels.