Since last week’s trading sessions, the common European currency has declined by 0.99% against the Australian Dollar.
Currently, the EUR/AUD exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the weekly support level at 1.5950 could be expected this week.
However, if the channel pattern holds, buyers may pressure the currency exchange rate higher during the following trading session.
