Patterns: EUR/CAD, EUR/AUD

Dukascopy Bank Team Dukascopy Bank SA

EUR/CAD 4H Chart: Breakout could occur

The Eurozone single currency declined by 1.28% against the Canadian Dollar during last week's trading sessions. The EUR/CAD currency pair tested 1.5550 level on December 31.

All things being equal, the exchange rate could continue to edge lower during the following trading sessions. A breakout through the lower boundary of an ascending channel pattern could occur.

However, if the channel pattern holds, bullish traders could pressure the currency exchange rate higher within this week's trading sessions.

EUR/AUD 4H Chart: Selling signals

The common European currency declined by 1.66% against the Australian Dollar during last week's trading sessions. The currency pair breached the 1.5850 level last week.

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

However, the weekly support level at 1.5750 could provide support for the EUR/AUD currency exchange rate within this week's trading sessions.

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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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