The Euro has extended its gains against the Australian Dollar. The currency pair continued to trade in the same pattern after it touched the lower boundary of the dominant channel at the 1.3663 mark.
As it can be observed, the EUR/AUD pair has formed a flag and is likely to breakout from the rectangle to either direction.
Technical indicators suggest that the currency exchange rate could continue its movement north to test the resistance cluster of the weekly R2 and the monthly R3 near 1.5868.
