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.