EUR/AUD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is trading in a descending channel pattern against the Australian Dollar. The currency exchange rate recently reached the pattern's resistance line and bounced off of it, which means that the pair should fall to the pattern's lower trend line at 1.4396. However, it is most unlikely, as the pairs fall already was stopped by the September low level at 1.4583. Even if the currency pair moves below the September's support level, there are other various support levels, which will hinder the Aussies appreciation against the Euro. On a larger scale, the currency rate is in a descending triangle pattern, which supports a fall of the rate, as the triangle's support line is located at the low level of 1.4423.
© Dukascopy Bank SA
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