EUR/AUD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is simultaneously trading in two descending channel patterns against the Australian Dollar. The currency exchange rate has set its course to the 2015 low level of 1.3667. At that level it is possible that the rate will find strong enough support level to begin a medium term ascend. However, before that occurs, the currency pair is set to surge up to the minor descending channel's upper trend line, as the pair has already encountered the support provided by the lower trend line of this medium term pattern. As a result of that the Euro rebounded against the Aussie. Although, it is unlikely that the currency pair will move higher than the level of 1.39 during this about to be short lived rebound.
© Dukascopy Bank SA
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