EUR/RUB 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency trades against the Russian Ruble simultaneously in three different scale descending channel patterns. However, the situation is about to change, as the currency exchange rate recently hit the combined support level of the three channel down patterns. Due to that reason the currency pair is set to reverse its movements in the medium and long term. On a massive scale the pair is still set to decline in the upcoming months. Although, this reversal might provide traders with the opportunity to make profits in the meantime, as the previous medium term descending channel was active for more than a month.
© Dukascopy Bank SA
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