Patterns: EUR/RUB EUR/CZK
|EUR/RUB 1H Chart: Previous forecast at work
The previous forecast worked, and the EUR/RUB currency pair has reached the lower boundary of a long-term ascending channel located circa 74.70.
As apparent on the chart, the exchange rate is trading near given channel line. From a theoretical point of view, a reversal north should occur in the nearest future. An important resistance level to look out for is the Fibonacci 23.60% retracement at 76.71.
By the large, it is expected that the currency pair targets the upper trend line located in the 83.50/85.00 range.
However, technical indicators suggest that this advance might not be immediate, and the pair could re-test the lower channel line.
EUR/CZK 1H Chart: Upside potential
The Euro has been appreciating against the Czech Koruna since the currency pair reversed from the lower boundary of a long term ascending channel near the 25.40 mark.
Given that the exchange rate is being supported by the 55-, 100– and 200-period SMAs (4H), it is expected that the rate targets the Fibonacci 0.00% retracement at 26.16. Technical indicators for the short run also support bullish scenario.
The general price movement is expected to be upside within the following weeks until the upper channel line near 26.35 is reached.
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