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Euro Weakness This Week Sends EUR/RUB Lower

RUSSIA
  • EURRUB has been consolidating lower in the past few days amid Euro weakness as growth expectations fade due to the rising uncertainty over the duration of elevated virus restrictions.
  • The pair broke below its 50- and 100-DMAs and is approaching its next support at 88.54 (200-DMA). Another important level to watch on the downside is 87.90, which represents the 23.6% Fibo retracement of the 67.70 - 94.10 range.
  • On the topside, first resistance stands at 90, followed by 91.10 (LT downward trending resistance).

Source: Bloomberg/MNI

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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