The common European currency has declined significantly against the Russian Ruble after the pair reversed from the upper boundary of a long-term ascending channel at 81.77.
Currently, the exchange rate is re-testing the support level formed by the weekly S1 at the 75.17 mark. Given that the 55– and 100-hour SMAs are located above the price, a breakout through the support level is likely to occur within the next trading sessions.
By the large, it is expected that the currency pair continues its decrease until the lower channel line in the 74.50/75.00 range is reached.
Currently, the exchange rate is re-testing the support level formed by the weekly S1 at the 75.17 mark. Given that the 55– and 100-hour SMAs are located above the price, a breakout through the support level is likely to occur within the next trading sessions.
By the large, it is expected that the currency pair continues its decrease until the lower channel line in the 74.50/75.00 range is reached.