The bulls were able to turn things around

After the pair touched its support levels in the earlier half of the month, bulls were able to turn things around and force the pair to pivot. After bouncing off, the bullish rally of the EUR/RUB pair came in stronger. The pair is now widely believed to reach its key resistance level in the coming sessions as the euro takes advantage of the high volatility faced by the Russian ruble from the commodity market. It’s undeniable that the pair’s trajectory in the market is bullish considering that the 50-day moving average has just successfully pulled itself further away from the 200-day moving average. The Russian ruble weakened following the historic plunge of crude oil to the negative area, aggravating an economic slump for the Russian Federation’s economy that has been heavily pressured by the ongoing coronavirus pandemic. The virus and the lockdowns have pushed the Russian economy onto the brink of recession, worrying EUR/RUB bears in the market.