Downside momentum has been dominating the EUR/AUD currency pair since the rate touched the upper boundary of a descending channel pattern at 1.6350 on October 11.
The exchange rate is trading near the bottom border of the channel pattern during the morning hours of Tuesday’s trading session and could be set for a breakout.
If this southern breakout occurs, the EUR/AUD currency pair could aim at June 4 swing low level of 1.5300 during the coming days.
Although, the short-term target for bearish traders could be near a support level formed by the monthly pivot point at 1.5453.
