The single European currency has continued to edge higher in an ascending channel pattern against the Australian Dollar. The currency pair tested the 1.9765 mark during last week’s trading sessions.
The exchange rate is currently trading near the bottom border of an ascending channel pattern at 1.8055 and could be set for a breakout.
If the breakout occurs, a decline towards the 1.6500 area could be expected within this week’s trading sessions.
However, if the ascending channel pattern holds, the EUR/AUD currency exchange rate will most likely continue its upward movement during the following trading sessions.
