The Eurozone single currency has depreciated about 0.91% in value against the Australian Dollar since last week’s trading sessions. The currency pair reached eleven weeks low on July 19.
Everything being equal, it is likely that the exchange rate could make an upside reversal from a support cluster formed by the combination of the weekly and the monthly PPs at 1.5863 during the following trading sessions.
Furthermore, technical indicators flash strong buy signals on the weekly time-frame chart. Therefore, bulls are likely to come into play this week.
