Patterns: EUR/AUD, EUR/CAD
|EUR/AUD 4H Chart: Potential upside reversal
The Eurozone single currency has depreciated about 0.91% in value against the Australian Dollar since last week's trading sessions. The currency pair reached eleven weeks low on July 19.
Everything being equal, it is likely that the exchange rate could make an upside reversal from a support cluster formed by the combination of the weekly and the monthly PPs at 1.5863 during the following trading sessions.
Furthermore, technical indicators flash strong buy signals on the weekly time-frame chart. Therefore, bulls are likely to come into play this week.
EUR/CAD 4H Chart: Could edge higher
The common European currency traded sideways against the Canadian Dollar during last week's trading sessions. The 50-hour simple moving average provided resistance for the exchange rate.
By and large, it is likely that the EUR/CAD currency pair could aim for a resistance level formed by the 200-hour simple moving average at 1.4871 during the following trading sessions.
However, a resistance cluster formed by the weekly R2 and the monthly S1 near the 1.4765 area could provide support for the currency exchange rate during this week sessions.
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