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.
