Patterns: EUR/RUB EUR/CZK
|EUR/RUB 1H Chart: Downside potential likely
The common European currency has declined significantly against the Russian Ruble after the pair reversed from the upper boundary of a long-term ascending channel at 81.77.
Currently, the exchange rate is re-testing the support level formed by the weekly S1 at the 75.17 mark. Given that the 55– and 100-hour SMAs are located above the price, a breakout through the support level is likely to occur within the next trading sessions.
By the large, it is expected that the currency pair continues its decrease until the lower channel line in the 74.50/75.00 range is reached.
EUR/CZK 1H Chart: Rising wedge in sight
The Euro has been appreciating against the Czech Koruna after the currency pair reversed from the lower boundary of a long-term ascending channel at 25.43.
As apparent on the chart, the rate has been trading in a rising wedge since the end of September. The pair's neat movement in this pattern suggests that its next move should be north towards the Fibonacci 23.60% retracement at 25.94.
The general price movement is expected to be upside within the following weeks until the 2018 high is reached at 26.14.
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