The common European currency versus the Australian reversed from the lower boundary of a dominant ascending channel pattern on July 23. The currency pair has appreciated about 3.15% in value during this time period.
The exchange rate tested a resistance cluster formed by the weekly R1 and the monthly R2 at 1.6460 during the morning hours of Monday’s trading session.
Most likely, the currency exchange rate could make a brief reversal towards the 1.6250 area within this week’s trading sessions.
On the other hand, if the EUR/AUD pair passes the resistance cluster as mentioned above, a breakout through the upper border of a junior ascending channel occur in the next 24 hours.
