The EUR/RUB exchange rate has been trading upwards since the beginning of August after the rate reversed north from the descending trend line at 70.26.
Currently, the currency pair is testing the resistance level formed by a combination of the monthly R3 and the Fibonacci 38.20% retracement at 73.49. Given, that the pair is supported by the 200-hour SMA at 72.06, it is likely, that it could breach the given resistance and continue to go upwards in the nearest future. In this case, the rate could reach the Fibo 23.60% retracement at 76.71 in the medium term.
However, if the given resistance level holds, it is expected, that a reversal south could occur soon. Important support level to look out for is the Fibonacci 50.00% retracement at the 70.89 mark.
