The EUR/AUD currency pair bounced off the lower boundary of a descending channel pattern at 1.5250 on February 25, as a result, the common European currency has surged by 2.83% against the Australian Dollar since last week’s trading sessions.
Currently, the exchange rate is trading near the upper line of the channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the weekly R2 at 1.5973 could be expected this week.
However, if the descending channel holds, the currency exchange rate is likely to maintain the downwards movement in the nearest future.
