The Eurozone single currency has been depreciating against the Australian Dollar since the exchange rate made a U-turn from a resistance level formed by the upper boundary of a descending channel at 1.6359.
The currency pair was trading near the lower boundary of a dominant ascending channel at 1.5667 during the Asian session on Monday.
From a technical point, a breakout through the bottom border of the dominant channel pattern is likely to occur within this session.
However, a support level formed by the weekly S1 at 1.5580 could provide support for the currency exchange rate during the following trading hours.
