EURRUB Increased volatility and a probable start of a retracement

Forex | EURRUB | Our expectations:

An upward trend as the price reaches diagonal resistance. Formed bars suggest at least a short-term negativity in the couple.

Inside bar and fake break above the mother’s bar – expectations for a decrease. It is likely that the stops over 81.89 will be fired entirely from the big shadow above.

It is likely that the pair will go to test the lower diagonal support and levels of 74.70 appear to be the more likely scenario.

The price is still held between two key horizontal levels and before we break one of the two we are in a stand-by position.

Break above 81 will be positive for the pair, while breakthrough below 79 negative.

 Trader Nikolay Georgiev

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