Patterns: EUR/CAD, EUR/AUD
|EUR/CAD 4H Chart: Faces support cluster at 1.4520
The single European currency has appreciated about 1.79% in value against the Canadian Dollar since the beginning of October. The currency pair tested the upper boundary of a descending channel pattern at 1.4684 by the end of last week's trading sessions.
As for the near future, the EUR/CAD exchange rate will most likely target a support level formed by the weekly S2 at 1.4463.
However, the currency exchange rate could make a U-turn from a support cluster form by the combination of the monthly pivot point and the weekly S1 at the 1.4520 area during the following trading sessions.
EUR/AUD 4H Chart: Likely to maintain junior channel
The common European currency has been trading in a junior ascending channel pattern against the Australian Dollar since September 13. The currency pair retested a resistance cluster at 1.6347 during last week's trading sessions.
The exchange rate is currently trading near the bottom line of the junior ascending channel pattern at 1.6259 and could be set for a breakout.
If the breakout occurs, a decline towards a psychological support level at 1.6050 could occur within this week's trading sessions.
However, if the channel pattern holds, the currency exchange rate will most likely maintain the junior channel pattern this week.
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