EUR/RUB 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is in a complicated situation against the Ruble, as every broken trend line continues to influence the currency exchange rate. In general a breakout from a large scale pattern is occurring. The currency pair formed a new short term channel down pattern instead of rebounding after the medium term pattern guided the rate to the large scale channel's lower trend line. However, both the medium and large scale pattern lower trend lines continue to impact the currency pair causing minor bounces in the middle of the short term pattern. Although, the rate is most likely set to fall, as it is still overbought, with 70.64% of SWFX trader open positions being long.
© Dukascopy Bank SA
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