The common European currency has declined by 1.08% against the Australian Dollar since June 4. The decline was stopped by the 200– period simple moving average during last week’s trading sessions.
The exchange rate is likely to continue to edge lower during the following trading sessions. The potential target for bearish traders will be near the lower line of an ascending channel pattern at 1.5550.
However, the 200– period SMA at 1.5669 could still provide support for the EUR/AUD currency exchange rate this week.
