The EUR/AUD currency pair has been trading down since the middle of June when the pair reversed south from the upper boundary of a descending channel pattern at 1.6407.
Currently, the currency pair is testing a support level formed by the monthly S1 at 1.6027.
If the pair passes the support level, Bears could drag the currency exchange rate towards the bottom border of the channel pattern at 1.5858 during the following trading sessions.
Although, if the pair fails to pass the monthly S1, Bulls might dominate this week’s trading sessions.
