During the past two weeks, the Eurozone single currency has depreciated about 2.32% in value against the Australian Dollar. The currency pair breached the lower boundary of an ascending channel pattern at 1.6478 during last week’s trading sessions.

Given that a breakout had occurred, it is likely that the exchange rate will continue to edge lower this week. The potential downside target will be near a swing low at 1.5966.

However, the EUR/AUD currency exchange rate could make an upside reversal from a support cluster at 1.6240 within the following trading sessions.

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