The common European currency depreciated about 1.14% against the Australian Dollar during the last week. However, the currency pair revealed a new junior ascending channel pattern during this period.
The exchange rate was stranded between SMAs during the first part of Monday’s trading session. The 50-hour simple moving average was providing resistance for the rate at 1.5990, while the 100– and 200– hour SMAs was providing support at 1.5935.
Technical indicators suggest that the junior ascending channel pattern is likely to hold during the following trading sessions.
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