Patterns: EUR/AUD, EUR/CAD
|EUR/AUD 4H Chart: Decline could continue
The common European currency has declined by 320 pips or 2.01% against the Australian Dollar since February 1. The currency pair hit a one-month low at 1.5576 during the Asian session on Monday.
As for the near future, the EUR/AUD exchange rate could continue to edge lower in a descending channel pattern. Bearish traders might target the 1.5400 level during the following trading sessions.
However, a support line at 1.5576 could provide support for the currency exchange rate in the shorter term.
EUR/CAD 4H Chart: Selling signals
The single European currency has edged lower by 1.00% against the Canadian Dollar since the beginning of February. The currency pair breached the 50–" period SMA last week.
Technical indicators suggest selling signals on the daily time-frame chart. The exchange rate will most likely continue to decline during the following trading sessions.
However, bears are likely to encounter a support level formed by the weekly S1 at 1.5333 within this week's trading sessions.
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