EUR/RUB 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency recently ended trading in a falling wedge against the Russian Ruble, as the wedge's lines closed in one on another and additional support was found. The addition support was provided by the October low level. In the aftermath of the encounter of the October low level the currency exchange rate began to rebound and broke through the wedge's upper trend line on November 22. Although a new pattern can't be seen, it is clear that the Euro is set to surge for some time against the Ruble. Moreover, the pair is already oversold, as 72% of open SWFX positions are short. In addition, it has to be mentioned that the pair trades in a descending channel pattern on a larger scale.
© Dukascopy Bank SA
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