USD/RUB: Potential Reversal Ahead
The USD/RUB pair is approaching the resistance zone formed between the levels 78.00 and 78.50. Although it is not known yet how strong resistance the asset is about to face, it is likely that it might reverse and drop afterwards.
Having broken the resistance at the level of 86.70, oil pulled back to the broken trendline. At that point, the asset has formed a hammer on Friday. The handle of this hammer is touching the broken level. So, oil is likely to jump and hit the level of 96 US dollars per barrel soon.
The price of Euro has pulled from the downtrend and dropped. The asset’s price was consolidating for a while. Euro might test the downtrend and drop even further. This is likely to happen due to the presence of a reverse flag on both daily and weekly charts as this is a trend continuation pattern.
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