EUR/AUD 4H Chart: Bullish signals
During the past two weeks sessions, the common European currency has surged by 983 pips or 6.11% in value against the Australian Dollar. The currency pair hit a new high at 1.7087 on March 2.
As for the near future, the EUR/AUD exchange rate will most likely continue to trade bullish. The potential target for bullish traders would be near the weekly R2 at the 1.7498.
However, a resistance cluster formed by the weekly R1 and the monthly R1 at the 1.7319 could provide support for the currency exchange rate within this week's trading sessions.
EUR/CAD 4H Chart: Two scenarios likely
Upside risks have dominated the single European currency against the Canadian Dollar. The currency pair has edged higher by 595 pips or 4.17% in value during the past two weeks trading sessions.
The exchange rate is currently trading near the upper boundary of a descending channel pattern at 1.4742. A breakout could occur within this week's trading sessions.
However, if the descending channel holds, a decline towards the weekly S1 and the monthly S1 at 1.4452 could be expected during the following trading sessions.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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