EUR/RUB 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency rebounded against the larger descending channel pattern's lower trend line against the Russian Ruble on October 25. In the aftermath of the rebound an ascending channel. Moreover, a significant role in the direction of the rates movements is being played by the Fibonacci retracements, which connect the 2015 low level and the high level of 2016. However, it is likely that the rebounding ascending channel is not going to stick, as it has a low range of trading and it could encounter a stronger level of significance before it reaches the large scale pattern's upper trend line. Due to that, it is most likely that this small scale pattern is a representation of a medium pattern's first move.
© Dukascopy Bank SA
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