The previous review of the EUR/AUD currency exchange rate concentrated on the fact that the currency pair passed the lower trend line of a dominant ascending pattern. However, this time we are focusing on the medium and junior time frames.
What was discovered that on both scales the currency pair is trading in descending patterns. The junior pattern represents a move in the borders of the larger channel.
In regards to the near term future, the rate is set to decline, if it passes the monthly support, which was located at 1.5470 mark. If that support gets passed, the 1.5360 level will be targeted next.
