Downside risks have dominated the single European currency versus the Australian Dollar since last week’s trading session. The currency pair lost about 1.40% in value during this time period.
Everything being equal, it is likely that the currency exchange rate will continue its decline in the shorter term. Bears could push the pair towards the lower boundary of a dominant ascending channel at 1.5687.
Although, a support level at 1.5733 could provide support for the EUR/AUD exchange rate during the following trading sessions.
