EUR/RUB to suffer further losses towards 82.60 on removal of 84.70/40 support – SocGen

EUR/RUB has pulled back after touching interim hurdle of 90.70/91.00. A break under 84.70/40 would open up the possibility of a deeper fall to 82.60, economists at Société Générale report.

Bounce towards last week's high of 87.80 on the cards while 84.40 holds

“The pair is now close to support of 84.70/84.40, the 61.8% retracement from October. Only if this gets violated will there be a risk of an extended pullback towards projections of 82.60.”

“Defending 84.40, a bounce is not ruled out towards last week's high of 87.80.”