The common European currency has surged by 2.65% against the Australian Dollar since the middle of September. The EUR/AUD currency pair tested the 1.6600 level last week.
All things being equal, the exchange rate could continue to trend bullish during the following trading sessions. A breakout could occur through the upper boundary of an ascending channel pattern.
However, the currency exchange rate could make a brief retracement towards the 1.6250 area this week.
