The common European currency has declined by 2.45% against the Russian Ruble since April 7. The decline was stopped by the 50– period simple moving average at 90.55 during yesterday’s trading session.
All things being equal, the exchange rate is likely to edge higher during the following trading sessions. The potential target for the EUR/RUB pair will be near the 93.00 area.
However, if the currency exchange rate breaks the support line formed by the 50– period SMA, a decline towards the 89.00 level could be expected during next week’s trading sessions.
