The Eurozone single currency depreciated about 1.13% in value against the Australian Dollar during last week’s trading session. The currency pair tested the lower boundary of an ascending channel pattern at 1.5895 during Friday’s session.
The exchange rate was stranded between moving averages during the morning hours of Monday’s trading session. The 50– and 100-hour SMAs was providing resistance for the pair, while the 200-hour simple moving average was providing support.
Given that the currency exchange rate has bounced off its bottom border of the channel pattern, bullish traders could push the pair towards 1.6078 in the short-term.
