The common European currency has been trading in several patterns against the Australian Dollar. The most important of which is a junior descending channel which is presently moving down to the lower boundary of a dominant ascending pattern.
After hitting the 23.60% Fibonacci retracement level, the exchange rate began to fall. However, this decline has been stopped by the monthly pivot point at 1.5865.This retracement can be measured by connecting the low at 1.5777 and the high at 1.6140.
As for near future, it is expected that bears continue to take control of the market during the following trading sessions. Thus sending the currency exchange rate for a test of the lower boundary of the dominant pattern.
