Dukascopy

EUR/RUB 4H Chart: Larger scale review

FX_IDC:EURRUB   Euro / Russian Ruble
The previously described ascending channel pattern of the EUR/RUB currency exchange rate was broken last week. With the breaking of that pattern a new massive scale descending pattern was revealed.

In the aftermath of the breaking of the channel up pattern a narrow ranged descending pattern, which represented the following plummeting of the Euro against the Russian currency. In addition, during the move the previously active long term channel up was broken, and its support reconfirmed as resistance.

The short version is that the pair is unlikely going to be guided by the narrow channel down. However, expect the reveal of a new long term descending pattern. The junior channel down just shows the first move in the borders of a larger pattern.
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