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EUR/AUD 4H Chart: Upside Potential Likely

The common European currency has decreased in trading arrange against the Australian Dollar after it reached a two-month high level at the 1.5887 mark on July 11. The exchange rate lost 309 base points or 1.95% of its value during this short period.

A strong resistance level set by the weekly, the monthly and the combination of the 55-, 100-, and 200– hour SMAs has provided a significant resistance to shoot the rate lower.

Everything being equal, it is likely that the EUR/AUD currency exchange rate continue moving in the ascending channel within this session.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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