Patterns: EUR/AUD, EUR/CAD
|EUR/AUD 4H Chart: Decline likely to continue
The common European currency has been declining in narrow descending channel pattern against the Australian Dollar since the middle of June. The currency pair has declined by 1.51% during the past two weeks.
All things being equal, the EUR/AUD exchange rate could continue to trade in the narrow descending channel pattern within this week's trading sessions. Bears could target the weekly S2 at 1.6122.
However, technical indicators suggest that the currency exchange rate will most likely edge higher in the shorter term.
EUR/CAD 4H: Buying signals
The Eurozone single currency has surged by 2.29% against the Canadian Dollar since the beginning of June. The currency pair breached the 50-, 100– and 200– period SMAs during this period.
Technical indicators demonstrate buying signals on both the smaller and the larger time-frame charts. Therefore, the EUR/CAD exchange rate could continue to surge within this week's trading sessions.
However, a resistance cluster formed by the weekly R1 and the monthly R1 at 1.5446 could provide resistance for the currency exchange rate during the following trading sessions.
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