After approaching the upper trend-line of a dominant channel down pattern, EUR/AUD currency exchange rate began to decline.
After reaching the 50.00% Fibonacci retracement level. The common European currency is slowly moving downwards to test the dominant channel down-trend line up pattern. This retracement can be measured with the high of 1.5772 and the low of 1.5183.
Regarding the short term, the pair is set to approach the lower trend-line of the dominant channel and is likely to be stopped by the weekly PP at 1.5140. Afterwards a temporary retracement upwards should occur.
