The Eurozone single currency has declined by 437 pips or 2.62% against the Australian Dollar since October 29. The currency pair tested the lower line of a descending channel pattern at 1.6229 on November 5.
As for the near future, the exchange rate is likely to continue to edge lower. A breakout through the lower border of the channel pattern might occur during the following trading sessions.
However, if the descending channel pattern holds, the currency exchange rate would make a brief pullback towards the 1.6500 level within this week’s trading sessions.
