The Eurozone single currency declined by 619 pips or 3.61% against the Australian Dollar during last week’s trading sessions. The currency pair breached the 50– and 100– period simple moving average during this period.
Technical indicators suggest selling signals on both the 4H and the daily time-frame charts. Therefore, bearish traders could continue to pressure the price lower within this week’s trading sessions.
However, the weekly support level at 1.6377 could provide support for the EUR/AUD currency exchange rate during the following trading sessions.
