The single European currency appreciated about 1.59% in values against the Australian Dollar during the last week. The currency pair tested the upper boundary of a junior descending channel pattern at 1.6050.
As for the near future, it is likely that the currency exchange rate makes a brief retracement towards a support cluster formed by the 50-, 100– and 200-hour SMAs at 1.5915.
If the support cluster holds, a potential upside reversal could be expected during the following trading sessions.
