EUR/RUB has the 91.00 level in its crosshairs – SocGen

The Russian rouble stabilises this morning after sliding nearly 3% in two days against the dollar and the euro. Economists at Société Générale expect the pair EUR/RUB to surge above the 90.00 level towards 91.00.

EUR/RUB to extend its phase of rebound towards 91.00

“EUR/RUB has crossed above an ascending channel which denotes upward momentum is regaining.”

“Holding above the MA near 86.00/85.70, the bounce could persist towards projections of 91.00 which is also the trend line connecting peaks of November 2020 and April 2021.”

“First support is located at 87.70, the 23.6% retracement from October.”