During last week’s trading sessions, the common European currency has declined by 1.19% in value against the Australian Dollar.
The currency pair is currently trading between the 50-, 100– and 200– hour simple moving averages.
All things being equal, the EUR/AUD exchange rate will most likely continue to edge lower within this week’s trading sessions. The possible target will be at the psychological level at 1.6000.
However, a support cluster formed by the 100– hour SMA and the combination of the monthly PP and the weekly S1 at 1.6097 could provide support for the currency exchange rate in the shorter term.
