EUR/RUB may fall to 86.430 - 88.790

Our pivot point stands at 98.490.

Our preference

The downside prevails as long as 98.490 is resistance.

Alternative scenario

Above 98.490, look for 102.530 and 104.930.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 96.437 and 98.063). Finally, the EUR/RUB has penetrated its lower Bollinger band (93.834).

Supports and resistances

104.930 **

102.530 *

98.490 **

96.900

93.508 last

88.790

86.430 **

84.070 *

81.720 **

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