Patterns: EUR/CAD, EUR/AUD

Dukascopy Bank Team Dukascopy Bank SA

EUR/CAD 4H chart: Fails to surpass 200-period SMA

The EUR/CAD currency pair failed to surpass the 200– period simple moving average during last week's trading sessions. As a result, the Eurozone single currency declined by 0.48% against the Canadian Dollar.

Given that the 200– period SMA is above the price level, the exchange rate is likely to continue to edge lower during this week's trading sessions. Bears could target the 1.4600 level.

However, the weekly support level at 1.4671 could provide support for the currency exchange rate this week.

EUR/AUD 4H chart: Tests 200-period SMA

The common European currency has declined by 1.08% against the Australian Dollar since June 4. The decline was stopped by the 200– period simple moving average during last week's trading sessions.

The exchange rate is likely to continue to edge lower during the following trading sessions. The potential target for bearish traders will be near the lower line of an ascending channel pattern at 1.5550.

However, the 200– period SMA at 1.5669 could still provide support for the EUR/AUD currency exchange rate this week.

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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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