During last week’s trading sessions, the single European currency appreciated about 1.34% in value against the Australian Dollar. The 50-hour simple moving average guided the currency pair upward.
Currently, the exchange rate is trading near the upper boundary of an ascending channel pattern at 1.6103 and could be set for a breakout.
If this breakout occurs, a surge towards a swing high of 1.6372 could be expected within this week’s trading session.
Although, a resistance cluster formed by the combination of the weekly and the monthly pivot points at 1.6149 could hinder such movement.
