The common European currency has been depreciating in a junior descending channel pattern against the Australian Dollar since October 24. The currency pair has depreciated about 2.51% in value during this period.
All things being equal, the EUR/AUD exchange rate will most likely continue to trade in the junior descending channel pattern. The potential target for bearish traders would be at the 1.5873 area.
However, given that the currency exchange rate is currently trading near the upper boundary of the channel pattern, a breakout could occur during the following trading sessions.
