Patterns: EUR/AUD EUR/CAD
|EUR/AUD 4H Chart: Two Scenarios Likely
The single European currency has continued to edge higher in an ascending channel pattern against the Australian Dollar. The currency pair tested the 1.9765 mark during last week's trading sessions.
The exchange rate is currently trading near the bottom border of an ascending channel pattern at 1.8055 and could be set for a breakout.
If the breakout occurs, a decline towards the 1.6500 area could be expected within this week's trading sessions.
However, if the ascending channel pattern holds, the EUR/AUD currency exchange rate will most likely continue its upward movement during the following trading sessions.
EUR/CAD 4H Chart: Breakout Could Occur
Upside risks have continued to dominate the common European currency against the Canada Dollar since the beginning of March. The currency pair was guided by the 100– hour simple moving average.
Given that the exchange rate is currently trading near the lower boundary of an ascending channel pattern, a breakout might occur within the following trading sessions.
However, if the ascending channel pattern holds, the EUR/CAD currency exchange rate will most likely continue its bullish momentum within this week's trading sessions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.