The common European currency traded sideways against the Australian Dollar during last week’s trading sessions. The currency pair is currently trading between the 50– period moving average and the 100-hour SMA.
Everything being equal, the EUR/AUD exchange rate will likely edge lower during the following trading sessions. The potential target for bearish traders would be near the lower band of an ascending trendline at 1.6024.
Although, a support cluster formed by the 100-period SMA and the weekly S1 at 1.6114 could provide support for the currency exchange rate within this week’s trading sessions.
