USD/RUB Could Hit the 85.93 Level Soon!

<p>Good day!</p>
<p>The currency pair USD/RUB jumped again against the drop in oil prices. This asset might target the 85.93 level, which would be a historical maximum. It might jump even higher. We feel that a small consolidation like a flag and a pennant might form first, and then only the asset might test the resistance:</p>
<p><img class="alignnone size-large wp-image-40370" src="http://blog.tickmill.com/wp-content/uploads/2020/03/1-11-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/1-11-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/1-11-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/1-11-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/1-11.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>The reports by COT CFTC show that last week large operators have abruptly ceased the long positions on Russian currency. It really brings Russian ruble down as market participants are leaving the asset behind:</p>
<p><img class="alignnone size-large wp-image-40376" src="http://blog.tickmill.com/wp-content/uploads/2020/03/2-1-1024×532.jpg" alt="" width="1024" height="532" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/2-1-1024×532.jpg 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/2-1-300×156.jpg 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/2-1-768×399.jpg 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/2-1.jpg 1135w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>Cross-rate of EUR/GBP has tested the upper boundary of the weekly flat located between the levels 0.8300-0.9300. The asset might pull from the upper boundary of the trend and drop, targeting the supporting level of 0.8300:</p>
<p><img class="alignnone size-large wp-image-40372" src="http://blog.tickmill.com/wp-content/uploads/2020/03/3-9-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/3-9-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/3-9-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/3-9-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/3-9.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>The price of Euro broke the level of 1.0778. Now we should wait and see if the Euro is about to drop even further. In principle, we feel that it would be wise to wait for the asset’s price to get back to the horizontal level and see what happens next. In this case, the currency pair could easily get back below the level and try to jump:</p>
<p><img class="alignnone size-large wp-image-40373" src="http://blog.tickmill.com/wp-content/uploads/2020/03/4-6-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/4-6-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/4-6-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/4-6-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/4-6.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>Let us remind you that this material is provided for informative purposes only and cannot be considered as a direct go ahead to implement transactions in the financial markets. Trading in the financial markets is very risky.</p>
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