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.
