EUR/RUB to slump towards the 85.64/30 zone – Commerzbank

The EUR/RUB pair failed at the 94.11 high and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, looks for a further drop to the 85.30/64 area.

Key quotes

“EUR/RUB has sold off and has broken down through the September low at 87.46, a close below here will be viewed as bearish.” 

“An immediate negative bias will remain entrenched below 88.32, the mid-December low. We would allow for further losses to the August trough at 85.64 to be reached together with the 50% retracement at 85.30 and the 61.8% retracement at 83.22 (of the move up from the June 2020 low).”

“Above here resistance is seen along the 55-day moving average at 89.96.”