The price movement of the EUR/AUD exchange rate has been constrained by a descending channel. The currency pair reversed from the upper boundary on July 20 and has since reached the bottom border of a long-term ascending channel pattern.
However, the pair has bounced off its lower boundary of the dominant channel during the last trading session, and as a result, it breached the 55-hour simple moving average.
By and large, it is likely that the bullish sentiment could continue during the following trading session for a potential at 1.5283.
