The common European currency declined by 591 pips or 3.54% against the Australian Dollar during last week’s trading sessions. The 50– and 100– period SMAs pressured the currency pair lower last week.
As for the near future, the exchange rate could continue to edge lower. The potential target for bearish traders would be near the psychological level at the 1.5500 area.
However, the monthly support level at 1.6022 could provide support for the currency exchange rate within this week’s trading sessions.
