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The EUR/RUB pair has been swiftly heading higher these past few days but is expected to be capped by 93.33/94.11, as Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes.  

EUR/RUB is seen rising back towards the November high at 94.11

“We continue to believe that the next higher September and October highs at 93.33/94.11 will cap any further attempt at an upside. Were we proved to be incorrect, however, we would have to allow for the minor psychological 95.00 mark to be reached.”  

“Immediate support can be found between the late February and March highs as well as at the April 8 low at 91.16/10. Further potential support comes in along the 55-day moving average and the two-month support line at 89.74/55 as well as along the 200-day moving average at 89.13. Then there are the January and February lows at 88.75/64, the December trough at 88.32 and the late March low at 88.22 followed by the March low at 86.51.”

 

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