Patterns: EUR/AUD, EUR/CAD
EUR/AUD 4H Chart: Likely to edge lower
During last week's trading sessions, the common European currency has declined by 1.19% in value against the Australian Dollar.
The currency pair is currently trading between the 50-, 100– and 200– hour simple moving averages.
All things being equal, the EUR/AUD exchange rate will most likely continue to edge lower within this week's trading sessions. The possible target will be at the psychological level at 1.6000.
However, a support cluster formed by the 100– hour SMA and the combination of the monthly PP and the weekly S1 at 1.6097 could provide support for the currency exchange rate in the shorter term.
EUR/CAD 4H Chart: Bearish signals
The single European currency has declined by 0.65% in value against the Canadian Dollar since January 15. The decline began after the currency pair tested the upper boundary of a descending channel pattern at 1.4581.
As for the near future, the EUR/CAD exchange rate could continue to decline in the descending channel pattern. The potential target for bears would be at the monthly S2 at 1.4414.
Furthermore, technical indicators flash sell signals on the smaller and the larger time-frame charts.
Author
Dukascopy Bank Team
Dukascopy Bank SA
Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.
