The Euro has been depreciating against the Russian Ruble since the beginning of June, after the EUR/RUB currency pair reversed south from the upper boundary of the long-term descending channel at 73.60.
As apparent on the chart, the exchange rate has already reached the lower channel line at 70.70. From a theoretical point of view, it is expected, that a reversal north could occur soon, and the pair could target the upper channel line located circa 73.60.
However, note, that the rate is pressured by 55– and 100-hour SMAs, currently located circa 71.30. Thus, if the given channel does not hold, the pair could maintain its decline towards the Fibonacci 61.80% retracement at 68.29.