Patterns: EUR/CAD, EUR/AUD
|EUR/CAD 4H Chart: Short-term surge likely
The Eurozone single currency traded sideways movement against the Canadian Dollar during last week trading sessions. The currency pair re-tested the upper boundary of a medium-term descending channel pattern at 1.5155 during Friday's trading session.
Most likely, the currency exchange rate will maintain the medium-term descending channel pattern during this week's trading sessions. The potential downside target will be at 1.4952.
Although, technical indicators flash buy signals on the 4(H) time frame chart. From a theoretical point of view, a surge could be expected in the short-term.
EUR/AUD 4H Chart: Breaches medium-term channel
The single European currency maintained its medium-term ascending channel pattern during the past week. The currency pair appreciated about 154 base points during last week's trading sessions.
The exchange rate re-tested the bottom border of the medium-term ascending channel pattern during the Asian session on Monday.
If the support level formed by the lower boundary of the channel pattern at 1.5925 holds, the currency exchange rate will aim at a swing high of 1.6143 during the following trading sessions.
However, if the pair passes the support line as mentioned earlier, the next target for bearish traders will be at 1.5821.
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.