The single European currency has appreciated about 2.06% against the Australian Dollar since February 4. This rally was stopped by a resistance level formed by the weekly PP at 1.6047.
The exchange rate was stranded between SMAs during the morning hours of Monday’s trading session. The 200-hour simple moving average was providing resistance for the pair at 1.5996, while the 50– and 100-hour SMAs was providing support.
Technical indicators flash bullish signals on the 4(H) time-frame. Therefore, it is likely that the currency exchange rate will surpass the 200-hour SMA during the following trading sessions.