The EUR/AUD currency pair has been trading in a narrow descending channel pattern since June 21. The Euro has fallen about 2.40% in value during the last two weeks.
The monthly S1 at 1.6027 was providing support for the exchange rate during the morning hours of Monday’s trading session.
If the support level holds, a surge towards the resistance cluster formed by the combination of the weekly and the monthly pivot points at 1.6254 could be the target for bullish traders this week.
However, if the support line does not hold, the currency exchange rate will continue its downside movement during the following trading sessions.
