HomeContributorsTechnical AnalysisEUR/AUD 4H Chart: Moving Towards Target At 1.5966

EUR/AUD 4H Chart: Moving Towards Target At 1.5966

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.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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