The common European currency surged by 1.51% against the Australian Dollar during last week’s trading sessions. The currency pair breached the 50– and 200– period SMAs last week.

All things being equal, the exchange rate could continue to edge higher during the following trading sessions. The potential target for the EUR/AUD pair will be near the weekly R2 at 1.5838.

However, a resistance level at 1.5679 could provide resistance for the currency exchange rate within this week’s trading sessions.