EUR/RUB 4H Chart: Channel Up

The common European currency is surging against the Ruble in an ascending channel pattern. Although the pair has already bounced off the upper trend line of the channel, it has not begun to form a new short term descending pattern. Instead the Euro found support in the 38.20% Fibonacci retracement level at the 67.71 level against the Ruble. As a result a surge began, which is reaching for the next Fibonacci retracement level above the 0.72 mark. However, market participants should be careful, as a decline of the pair, before reaching the retracement level, is a highly possible scenario.