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The common European currency has surged by 2.05% against the Australian Dollar since July 8. The currency pair tested the upper border of an ascending channel pattern at 1.5950 during last week's trading sessions.
All things being equal, the exchange rate could continue to edge higher during the following trading sessions. A breakout through the upper line of the channel pattern could occur.
However, if the ascending channel holds, the EUR/AUD currency exchange rate will make a pullback towards the 1.5700 level within this week's trading sessions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.