EUR/RUB 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The common European currency is trading simultaneously in two descending channel patterns against the Russian Ruble, as the Russian currency recovers. Most recently the currency exchange rate reached the upper trend line of the junior channel down pattern and began to slowly decline in a tight range just near the trend line. Due to the fact that this pair is highly affected by international politics, it still needs to be observed to see the developing of the future short term situation. In the first case the pair break the minor channel's resistance and begin a surge to the dominant channel's upper trend line. In the second scenario the rate will break free and continue the decline.
© Dukascopy Bank SA
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