currency pair Euro Ruble EUR/RUB continues to move within the fall and the descending channel. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of the European currency and a potential continuation of the fall from current levels. At the time of the publication of the forecast, the Euro against the Russian Ruble is 63.41. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of 69.05 rubles per Euro. Then, a rebound down and the continuation of the fall of the currency pair to the area below the level of 47.55.
Euro exchange rate forecast and chart for May 13, 2022
An additional signal in favor of the fall of the EUR/RUB currency pair on Forex will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling the EUR/RUB currency pair on Forex on May 13, 2022 will be a strong growth and a breakdown of the level of 80.65 Euro per Ruble. This will indicate a breakdown of the resistance area and the continued growth of the Euro/Ruble pair to the area above the level of 90.05. The fall of the currency pair will be confirmed by a breakdown of the support area and closing of the instrument’s quotes under the level of 53.05.
Thus, the Euro exchange rate forecast and chart for May 13, 2022 suggests an attempt to test the resistance level near the area of 69.05. Where can we expect a rebound and a continuation of the fall of the Euro against the Ruble with a target below the level of 47.55. An additional signal in favor of the fall of the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the reduction option will be a breakdown of the resistance area and closing of quotes above the level of 80.65. In this case, we should expect the continuation of the rise with the target above the area of 90.05.