EUR/AUD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp advance performed by the single currency against the Australian Dollar has been observable for the last 374 hours. The pair formed a channel up pattern that helped EUR/AUD to surge to a three-month high on December 3. Currently, the currency couple is attempting to penetrate the daily resistance at 1.4999 that if overcome will push the next cluster of resistances sitting at 1.5052/119 (daily R3; four-hour R2) to the fore. If the pair manages to breach these levels, it may target the pattern's resistance, a breach of which may result in an accelerating appreciation of EUR/AUD.
© Dukascopy Bank SA
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