The common European currency has been strengthening against the Russian Ruble for the past few weeks. This movement has been bound in a medium-term ascending triangle. The upper boundary of this pattern is a 2017/2018 high of 72.00.
It seems that the prevailing bullish sentiment has allayed, as the pair has failed to overcome the 71.50 mark during the last two weeks. As a result, a downward-sloping trend-line was drawn.
This lack of strong upside momentum suggests that bulls are unlikely to push as high as the 72.00 area. Thus, the Euro might continue respecting the aforementioned trend-line and edge lower down to the bottom triangle line located in the 69.20/40 area. This scenario could be confirmed with a breakout of the 55-, 100– and 200-hour SMAs circa 70.80.
It seems that the prevailing bullish sentiment has allayed, as the pair has failed to overcome the 71.50 mark during the last two weeks. As a result, a downward-sloping trend-line was drawn.
This lack of strong upside momentum suggests that bulls are unlikely to push as high as the 72.00 area. Thus, the Euro might continue respecting the aforementioned trend-line and edge lower down to the bottom triangle line located in the 69.20/40 area. This scenario could be confirmed with a breakout of the 55-, 100– and 200-hour SMAs circa 70.80.