Patterns: EUR/AUD, EUR/CAD

EUR/AUD 4H Chart: Could make brief upside retracement

The EUR/AUD exchange rate has continued to edged lower during the past few weeks. The currency pair has declined by 1.97% in value since the middle of December.

All things being equal, the single European currency will likely continue to decline against the Australian Dollar during this week's trading sessions. The potential target will be at the 1.5861 area.

However, the currency exchange rate might make a brief retracement towards the 200– hour simple moving average at 1.6170 in the shorter term.

EUR/CAD 4H Chart: Sell signals

The Eurozone single currency has been depreciating in a descending channel pattern against the Canadian Dollar since the beginning of December. The currency pair has declined by 2.04% in value since December 3.

Everything being equal, the EUR/CAD exchange rate will most likely continue to decline in the descending channel pattern within this week's trading sessions. Bearish traders could target the 1.4350 area.

In the meantime, the currency exchange rate could make a slight upside movement towards the 50– hour simple moving average at 1.4575 in the shorter term.