EUR/RUB may rise to 112.690 - 116.410

98.110 is our pivot point.

Our preference

As long as 98.110 is support look for 116.410.

Alternative scenario

The downside breakout of 98.110 would call for 92 and 88.360.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 104.569 and 101.599).

Supports and resistances

123.860 **

120.130 *

116.410 **

112.690

105.245 last

100.510

98.110 **

92.000 *

88.360 **

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