The Eurozone single currency has surged by 1.58% against the Australian Dollar since November 25. The currency pair tested the 200– period simple moving average at 1.6361 on December 2.
Currently, the exchange rate is trading near the upper line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 1.6600 level could be expected during this week’s trading sessions.
However, if the channel pattern holds, bears are likely to continue to drive the currency exchange rate lower in the nearest future.
