EUR/RUB 4h Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Although the headline suggests that the common European currency is surging against the Russian Ruble, a decline is to be expected. The reason for that is the fact that the currency pair has hit the resistance of the dominant channel, which is an almost horizontal one. The pair is likely going to face the combined support of the 200-period SMA at 61.67, the 23.60% Fibonacci retracement level at 62.43 and the lower trend line of the junior pattern near the 62.50 mark. It is highly possible, that by encountering the support levels, the currency exchange rate will reveal a new junior pattern, which will guide the rate lower.
  Level  Rationale     Indicator 4H 1D 1W
R4 65.75 Trend line     MACD (12; 26; 9) Buy Buy Sell
R3 65.18 Weekly R1     RSI (14) Neutral Neutral Neutral
R2 64.70 Trend line     Stochastic (5; 3; 3) Sell Sell Sell
R1 64.47 Monthly R1     ADX (14) Sell Neutral Sell
S1 63.42/29 Weekly PP; monthly R1     CCI (14) Neutral Neutral Sell
S2 63.09 55-period SMA     AROON (14) Buy Buy Buy
S3 62.42/13 Trend lines; 100-period SMA; weekly S1     Alligator (13; 8; 5) Buy Buy Sell
S4 61.67 200-period SMA     SAR (0.02; 0.2) Sell Buy Buy
          Aggregate → ↗ ↘
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