Sat, Jan 16, 2021 @ 02:31 GMT
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EUR/AUD 4H Chart: Likely To Maintain Channel

The common European currency has declined by 2.85% against the Australian Dollar since November 1. The currency pair breached the lower boundary of a descending channel pattern at 1.6149 on November 11.

All things being equal, the exchange rate could continue to edge lower in a descending channel pattern during the following trading sessions. The potential target for bears would be at the 1.6000 level.

However, a support level formed by the weekly S1 at 1.6150 could provide support for the currency exchange rate in the shorter term.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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