The common European currency has declined by 1.82% against the Australian Dollar since March 1. The currency pair was pressured lower by the 200–” period simple moving average since the beginning of March.
The exchange rate is likely to continue to edge lower in a descending channel pattern during the following trading sessions. Bearish traders target might target the 1.5250 level this week.
However, the weekly support level at 1.5323 could provide support for the EUR/AUD currency exchange rate in the shorter term.
