The common European currency has surged by 183 pips or 1.12% against the Australian Dollar since last week’s trading sessions. The currency pair bounced off the bottom border of an ascending channel pattern at 1.6354 on August 11.
All things being equal, the EUR/AUD exchange rate could continue to trend bullish within this week’s trading sessions. Bullish traders are likely to target the upper line of the channel pattern at 1.6668.
However, technical indicators suggest that the currency exchange rate could edge lower this week.
