The movement of the single European currency against the Australian Dollar has been steered by two descending channels. The most recent pattern was formed on May 18.
After testing the upper boundary of the junior channel and the weekly resistance level at 1.55, the exchange rate continues its southern journey. Also, the 55– hour simple moving average has guided the pair lower.
Everything being equal, the EUR/AUD currency exchange rate could continue it bearish sentiment during the following trading sessions. Meanwhile, technical indicators demonstrate that bear is likely to grow strong through the end of this week.
