The common European currency has been trading in a long-term ascending channel against the Russian Ruble. The pair bounced off the lower boundary of a dominant channel on April 19, 2017, and has since reached a new high.
A strong support cluster set by the weekly pivot point with the combination of the 55– and the 200-hour SMAs was providing support near 69.70 as it can be observed on the chart.
As for near future, the EUR/RUB currency exchange rate is likely to continue moving upwards for a test of the upper boundary of a junior pattern where the monthly PP is located.
