Patterns: EUR/AUD EUR/CAD

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.