Patterns: EUR/CAD, EUR/AUD
|EUR/CAD 4H Chart: Bearish signals
The European single currency has appreciated about 1.71% in value against the Canadian Dollar since October 28. The currency pair tested a psychological resistance level at 1.4700.
By and large, the EUR/CAD exchange rate will most likely continue to decline during the following trading sessions. The potential target for bearish traders would be at the 1.4400 area.
However, a support cluster formed by the weekly S1 and the monthly S1 near the 1.4517 marks could provide support for the currency exchange rate in the nearest future.
EUR/AUD 4H Chart: Decline likely to continue
The common European currency has been depreciating in a junior descending channel pattern against the Australian Dollar since October 24. The currency pair has depreciated about 2.51% in value during this period.
All things being equal, the EUR/AUD exchange rate will most likely continue to trade in the junior descending channel pattern. The potential target for bearish traders would be at the 1.5873 area.
However, given that the currency exchange rate is currently trading near the upper boundary of the channel pattern, a breakout could occur during the following trading sessions.
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