Since the beginning of February, the single European currency has depreciated by 3.07% in value against the Australian Dollar. The currency pair breached the 50-, 100– and 200– period SMAs during this period.

The exchange rate is currently trading near the bottom line of an ascending trendline at 1.6119.

If the trendline holds, the EUR/AUD pair could make a brief upside retracement within this week’s trading sessions.

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However, if the currency exchange rate breaks the uptrend line, bearish traders could continue to dominate the pair during the following trading sessions.

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