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.
