The common European currency has decreased in trading arrange against the Australian Dollar after it reached a two-month high level at the 1.5887 mark on July 11. The exchange rate lost 309 base points or 1.95% of its value during this short period.
A strong resistance level set by the weekly, the monthly and the combination of the 55-, 100-, and 200– hour SMAs has provided a significant resistance to shoot the rate lower.
Everything being equal, it is likely that the EUR/AUD currency exchange rate continue moving in the ascending channel within this session.
