Patterns: EUR/AUD, EUR/CAD
|EUR/AUD two scenarios likely
Since last week's trading sessions, the common European currency has declined by 0.99% against the Australian Dollar.
Currently, the EUR/AUD exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the weekly support level at 1.5950 could be expected this week.
However, if the channel pattern holds, buyers may pressure the currency exchange rate higher during the following trading session.
EUR/CAD breakout occurs
The Eurozone single currency has declined by 1.80% against the Canadian Dollar since September 20. A breakout occurred through the bottom border of an uptrend line during last week's trading sessions.
Given that a breakout has occurred, sellers could continue to drive the currency pair lower during this week's trading sessions. The potential target for bearish traders would be near the 1.4600 level.
However, the weekly support level at 1.4722 could provide support for the EUR/CAD currency exchange rate this week.
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