Patterns: EUR/AUD, EUR/CAD
|EUR/AUD 4H Chart: Likely to slide down
The common European currency has appreciated about 1.81% in value against the Australian Dollar since the beginning of June. This bullish run has helped the currency pair reached a six-month high at 1.6362.
Everything being equal, it is likely that the EUR/AUD exchange rate could edge lower within this week's trading sessions. The possible target for bearish traders will be near the weekly S1 at 1.6199.
However, technical indicators flash buy signals on both the smaller and the larger time frames charts. Therefore, the currency exchange rate might continue its upside momentum during the following trading sessions.
EUR/CAD 4H Chart: Could edge higher
After hitting a resistance level formed by the weekly R2 at 1.5136 on June 5, the single European currency has depreciated about 1.04% in value against the Canadian Dollar.
As for the near future, it is likely that the EUR/CAD currency pair will edge higher during the following trading sessions. Bullish traders could aim for a re-test for the weekly R2 at 1.5136.
However, a resistance cluster formed by the combination of the 50-, 100– and 200-hour SMAs at 1.5057 could restrict the bulls from pushing the currency exchange rate towards the given target within this week's trading sessions.
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