The common European currency recently jumped against the rest of the currency market. However, on the EUR/AUD pair the end of the surge has already occurred.
Namely, the currency exchange rates surge was stopped by the upper trend line of a long term channel down pattern. However, the trend line might have not affected the currency pair alone, as there are four additional resistance levels above the trend line.
Regarding the pairs future movement, the rate has clearly bounced off the resistance level and is set to soon reach a support cluster near 1.5330 mark. The cluster is made up of the 55 and 100-period SMAs and the weekly R1 level.
Namely, the currency exchange rates surge was stopped by the upper trend line of a long term channel down pattern. However, the trend line might have not affected the currency pair alone, as there are four additional resistance levels above the trend line.
Regarding the pairs future movement, the rate has clearly bounced off the resistance level and is set to soon reach a support cluster near 1.5330 mark. The cluster is made up of the 55 and 100-period SMAs and the weekly R1 level.