Patterns: EUR/AUD, EUR/CAD

Dukascopy Bank Team Dukascopy Bank SA

EUR/AUD 4H chart: Breaks one-month highs

The common European currency has surged by 1.61% against the Australian Dollar since April 1. The currency pair hit a one-month high during this week's trading sessions.

Technical indicators suggest buying signals on the 4H and daily time-frame charts. Most likely, the exchange rate could continue to edge higher during the following trading sessions.

However, a resistance level at 1.5679 could provide resistance for the EUR/AUD currency exchange rate in the shorter term.

EUR/CAD 4H chart: Bulls could prevail

The Eurozone single currency has surged by 1.90% against the Canadian Dollar since April 1. The currency pair breached the 1.5000 level during last week's trading sessions.

The EUR/CAD currency exchange rate is likely to make a brief retracement towards a support level at the 1.4800 area during the following trading sessions.

A potential upside reversal could occur from the support line at 1.4800 level during this week's trading sessions and could target the upper line of a descending channel pattern at 1.5184.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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