EUR/RUB 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is surging against the Russian Ruble in the medium term in an ascending channel pattern. Moreover, the short term descending channel, which has guided the rate for a week, is about to become obsolete, as the currency pair has encountered and rebounded against the lower trend line of the medium term ascending channel. During the rebound the pair is set to encounter the resistance put up by the 23.60% Fibonacci retracement level at 62.2772 level and the 200-period SMA, which is located at the 62.6735 level. Due to the existence of these resistance levels traders are advised to trade the pair carefully.
© Dukascopy Bank SA
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