Downside risks have dominated the EUR/AUD currency pair since the last three weeks. This fall began after the pair tested a resistance level formed by the weekly R2 at 1.6343.
As for the near future, it is likely that the common European currency will trade downwards to test the lower boundary of a descending channel pattern at 1.5958 during the following trading sessions.
However, a support level formed by the weekly S1 at 1.6001 could prevent the currency exchange rate from reaching the given target within the next 48 hours.
