The common European currency has declined by 0.96% against the Australian Dollar since June 22. The currency pair breached the 200- period simple moving average at 1.5737 during last week’s trading sessions.
All things being equal, the exchange rate is likely to continue to edge lower during this week’s trading sessions. The potential target for sellers will be near the lower boundary of an ascending channel pattern at 1.5590.
However, bearish traders might encounter support near the 1.5654 level in the shorter term.
