During the past two weeks, the Eurozone single currency has appreciated about 2.11% in value against the Australian Dollar. The currency pair tested the upper boundary of a descending channel pattern at 1.6266 at the end of last week’s trading sessions.
Currently, the exchange rate is trading near a resistance level formed by the 200– hour simple moving average at 1.6318.
If the EUR/AUD pair passes the resistance level, as mentioned above, a surge towards the 1.6550 area could be expected within this week’s sessions.
However, if the 200-hour SMA holds, bearish traders might drag the price towards the monthly S1 at 1.6024 during the following trading sessions.
