The EUR/AUD exchange rate has continued to edged lower during the past few weeks. The currency pair has declined by 1.97% in value since the middle of December.
All things being equal, the single European currency will likely continue to decline against the Australian Dollar during this week’s trading sessions. The potential target will be at the 1.5861 area.
However, the currency exchange rate might make a brief retracement towards the 200– hour simple moving average at 1.6170 in the shorter term.
