EUR/AUD Likely to slide down
Our preference: the upside prevails as long as 1.6282 is support.
Alternative scenario: the downside breakout of 1.6282 would call for 1.6227 and 1.6194.
The common European currency has appreciated about 1.81% in value against the Australian Dollar since the beginning of June.
This bullish run has helped the currency pair reached a six-month high at 1.6362.
Everything being equal, it is likely that the EUR/AUD exchange rate could edge lower within this week’s trading sessions.
The possible target for bearish traders will be near the weekly S1 at 1.6199