EUR/RUB set to bounce towards the 83.65 mark – SocGen

EUR/RUB is dashing towards 82.0 after a 1.5% drop in the last two sessions. Economists at Société Générale expect the pair to see a rebound towards the 83.65 level, which is set to cap the upside.

Support 80.60 and resistance 83.65

“EUR/RUB is now in proximity to the lower limit of a multi month channel near 81.90. An initial rebound can’t be ruled out, however last week's peak of 83.65 is likely to contain.” 

“Failure to cross above the 83.65 mark can result in continuation of the down move towards next projections at 80.60. This could be an important support near-term.”