The common European currency has been bound in several long and short-term patterns against the Australian Dollar which have guided the price up since early June.
The exchange rate is likely to continue moving in the ascending channel within the following session in line with the dominant ascending pattern. The currency pair is currently trading near the border of a medium-term downtrend channel and could breach the upper boundary today.
If and when this scenario occurs, the currency exchange rate is likely to encounter a resistance cluster formed by the weekly and the monthly PPs near the 1.58 mark.
