The common European currency has declined significantly against the Russian Ruble after reaching its high mark at 80.00 in April. The currency pair reversed from the upper boundary of a dominant ascending channel on April 12 and has since reached the bottom border of its channel.
During the last month, the exchange rate has been bouncing between the borders of a medium-term triangle. Currently, the combination of the three SMAs is providing support for the rate near the 73.28 mark.
Given that the 55-, 100-, and 200-days simple moving averages are located below the price, a breakout through the upside of the aforementioned triangle is likely to occur during within the next trading sessions.
During the last month, the exchange rate has been bouncing between the borders of a medium-term triangle. Currently, the combination of the three SMAs is providing support for the rate near the 73.28 mark.
Given that the 55-, 100-, and 200-days simple moving averages are located below the price, a breakout through the upside of the aforementioned triangle is likely to occur during within the next trading sessions.