EUR/AUD 4H Chart: Two Scenarios Likely
The single European currency has continued to edge higher in an ascending channel pattern against the Australian Dollar. The currency pair tested the 1.9765 mark during last week's trading sessions.
The exchange rate is currently trading near the bottom border of an ascending channel pattern at 1.8055 and could be set for a breakout.
If the breakout occurs, a decline towards the 1.6500 area could be expected within this week's trading sessions.
However, if the ascending channel pattern holds, the EUR/AUD currency exchange rate will most likely continue its upward movement during the following trading sessions.
EUR/CAD 4H Chart: Breakout Could Occur
Upside risks have continued to dominate the common European currency against the Canada Dollar since the beginning of March. The currency pair was guided by the 100– hour simple moving average.
Given that the exchange rate is currently trading near the lower boundary of an ascending channel pattern, a breakout might occur within the following trading sessions.
However, if the ascending channel pattern holds, the EUR/CAD currency exchange rate will most likely continue its bullish momentum within this week's 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.