Patterns: EUR/AUD, EUR/CAD
|EUR/AUD 4H chart: Bounces off support
The EUR/AUD currency pair bounced off the lower boundary of a descending channel pattern at 1.5250 on February 25, as a result, the common European currency has surged by 2.83% against the Australian Dollar since last week's trading sessions.
Currently, the exchange rate is trading near the upper line of the channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the weekly R2 at 1.5973 could be expected this week.
However, if the descending channel holds, the currency exchange rate is likely to maintain the downwards movement in the nearest future.
EUR/CAD 4H chart: Could edge higher
The Eurozone single currency has surged by 1.08% against the Canadian Dollar since last week's trading sessions. The currency pair tested the 200–" period simple moving average at 1.5389 on Monday morning.
As for the near future, the exchange rate could continue to edge higher. A breakout through the upper boundary of a descending channel pattern could occur during the following trading sessions.
However, the 200–" period SMA at 1.5389 could provide resistance for the EUR/CAD currency exchange rate this week.
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