The common European currency has declined by 320 pips or 2.01% against the Australian Dollar since February 1. The currency pair hit a one-month low at 1.5576 during the Asian session on Monday.
As for the near future, the EUR/AUD exchange rate could continue to edge lower in a descending channel pattern. Bearish traders might target the 1.5400 level during the following trading sessions.
However, a support line at 1.5576 could provide support for the currency exchange rate in the shorter term.
