Merrill Lynch recommend buying the Rubble versus the Euro

03.11.2017 / 13:57

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Bank of America Merrill Lynch strategists recommend short positions for the EUR / RUB pair. They say the ruble lags behind the last rally in the price of oil and has to catch up.

On the other hand, the appreciation of the euro since the beginning of the year has given the appropriate entry levels, which is mentioned in sent email.

Technically, we have an attempt to breakout a flag formation, and if it turns out to be false we can expect the price to continue in the downward price channel.

The price also remains below the horizontal resistance of short-term consolidation and is at the top part of it. Confirmation of the bearish scenario is also the false breakthrough and the retention of the price below the SMA50.

An alternative scenario suggest a breakout of the flag (closed bar above the diagonal resistance) and over 50SMA, which may result in an upward movement.

Trader Nikolay Georgiev

Varchev Traders

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Merrill Lynch recommend buying the Rubble versus the Euro

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