EURRUB forming a nice triangle formation

The EURRUB cross has been falling slowly over the previous days, despite the poor coronavirus situation in Russia.

It looks like the rising oil supported the Russian Ruble. On Monday, the cross was down 0.7% and was trading at 2-month lows near 79.00.

There seems to be a large triangle formation on the daily chart and it looks like a bearish pattern. The support of this formation is near the 79.00 and if the price drops below this level, the formation could be confirmed. 

The full potential of this triangle pattern is circa 10 big figures, so the cross could decline to previous 2020 lows in the 68/69 region. However, this might take a while. 

Another support to watch will be near the 200 EMA at around 75.80. 

alternatively, if the price starts to rise again, the immediate resistance stands at 80.00, which is a psychological level along with the bearish trend line from the previous highs. If the cross rises above this line, we could see a quick rally toward 82/83.00.
Cookie Policy: The Axiory website uses cookies and by continuing using the website you consent to this. Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please read the full Privacy Policy.