Since August 23, the common European currency has depreciated by 3.03% in value against the Australian Dollar. The currency pair is gradually moving towards the bottom border of a dominant ascending channel pattern at 1.5926.
Everything being equal, the EUR/AUD exchange rate will most likely continue to edge lower during this week’s trading sessions. The potential target for bearish traders would be at the weekly S2 at 1.5926.
Although, a support cluster formed by the combination of the monthly S1 and the weekly S1 at 1.6019 might temporary provide support for the currency exchange rate in the short-term.
