The USD/RUB pair retains the $76.0 threshold, where it currently hovers. The US dollar eased alongside benchmark US 10-year bonds yields. The 10-year Treasury note currently trades at 1.93% after testing 1.97% on Tuesday.
- USD/RUB continues its slide on Wednesday.
- The pair devalues more than 7% from January highs.
- Russia validates the acceptance of cryptocurrency as a legitimate currency.
Market players are taking some clues from big news that hit the market today. Russia is in preparation to legitimate Bitcoin and cryptocurrencies this month. As per the reports, the Russian government and central government in their publication revealed that they will soon introduce a crypto regulatory draft by February 18.
Experts believed that the cryptocurrency adoption by the Russian government could threaten the domestic currency Rubble.
On the technical charts, there are multiple signals indicating the continuation of the downtrend in the pair. The pair has been trading below the 20 and 50 DMA crossover since January 31.
Investors are currently approaching the crucial 100-DMA at$74.65. The selling pressure would further be intensified if the mentioned level gets breached by the sellers.
The negative divergence in the Daily Relative Strength (RSI) has given the prior signal of the upcoming slump in the price. The momentum indicators made triple tops at 70, which corresponds to the fall in prices every time.
Another indicator, the Moving Average Convergence Divergence is about to breach the midline and if that happens will trigger another round of selling.
The EUR/USD pair keeps meeting sellers near the important Fibonacci retracement level, which extends from the lows of $69.21 made on October 26.
The daily chart suggests that bears retain the control with multiple supportive signals. The pair continues to hover around a bearish 100 DMA, converging toward the 0.618% Fibonacci retracement level at $73.04 in the short term.
Ecosystem
Research
News Network
About