Patterns: EUR/CAD, EUR/AUD

Dukascopy Bank Team Dukascopy Bank SA

EUR/CAD 4H Chart: Short-term surge likely

The Eurozone single currency traded sideways movement against the Canadian Dollar during last week trading sessions. The currency pair re-tested the upper boundary of a medium-term descending channel pattern at 1.5155 during Friday's trading session.

Most likely, the currency exchange rate will maintain the medium-term descending channel pattern during this week's trading sessions. The potential downside target will be at 1.4952.

Although, technical indicators flash buy signals on the 4(H) time frame chart. From a theoretical point of view, a surge could be expected in the short-term.

EUR/AUD 4H Chart: Breaches medium-term channel

The single European currency maintained its medium-term ascending channel pattern during the past week. The currency pair appreciated about 154 base points during last week's trading sessions.

The exchange rate re-tested the bottom border of the medium-term ascending channel pattern during the Asian session on Monday.

If the support level formed by the lower boundary of the channel pattern at 1.5925 holds, the currency exchange rate will aim at a swing high of 1.6143 during the following trading sessions.

However, if the pair passes the support line as mentioned earlier, the next target for bearish traders will be at 1.5821.

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Dukascopy Bank Team

Dukascopy Bank SA

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