After reaching the monthly pivot point at 1.5151 on early January, the single European currency began appreciating against the Australian Dollar. The movement has been steered by a junior ascending channel. The most recent test of its lower boundary was April 10.
The EUR/AUD currency pair was being supported by the 200– hour simple moving average at 1.5891, and the Euro was able to breach the monthly PP at the 1.5956 mark.
On the four hour time-frame, technical indicators suggest a sell signal, while on the weekly time-frame, its advice to go long. By and large, it is likely the currency exchange rate could move upward during this week until it breaches the up border of the junior pattern.
