The Eurozone single currency has declined by 244 pips or 1.47% against the Australian Dollar since September 24. The currency pair breached the 50– and 100– period SMAs.
As for the near future, the exchange rate is likely to continue to edge lower. A breakout through the bottom line of a descending channel pattern could occur within this week’s trading sessions.
However, the 200– period simple moving average at 1.6323 might provide support for the currency exchange rate during the following trading sessions.
