EUR/RUB 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the first half of March the Euro has been depreciating against the Russian Ruble in a descending channel pattern. However, it is not the only downwards aimed channel, as there also is another channel, which represents the currency exchange rates bounce off and following move down after encountering the larger pattern's resistance line. Moreover, after examining the high and low historical levels of the rate, it can be seen that the Fibonacci retracement levels, connecting the 2016 high and 2015 low levels, are significant enough to affect the pair's movements. As the 38.20% retracement is close by, it is set to provide support to the falling common European currency against the Ruble.
© Dukascopy Bank SA
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