EUR/RUB 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is depreciating against the Russian Ruble in a descending channel pattern, which has been covered previously. However, the latest developments of the situation need to be addressed. After falling and encountering the support provided by the 23.60% Fibonacci retracement level the currency exchange rate surged until it reached the descending channel's upper trend line. As a result the rate once more began to decline until it most recently once more encountered the Fibonacci retracement level at 62.44. This seems like short term triangle in the making, and in accordance with the theory the pair is setting up for a breakout to the downside. However, the rate is already oversold, as 74% of open positions are short.
© Dukascopy Bank SA
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