The common European currency has appreciated about 1.81% in value against the Australian Dollar since the beginning of June. This bullish run has helped the currency pair reached a six-month high at 1.6362.
Everything being equal, it is likely that the EUR/AUD exchange rate could edge lower within this week’s trading sessions. The possible target for bearish traders will be near the weekly S1 at 1.6199.
However, technical indicators flash buy signals on both the smaller and the larger time frames charts. Therefore, the currency exchange rate might continue its upside momentum during the following trading sessions.