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