EUR/AUD Downtrend Continues Amid ECB Interest Rate Decision
The EUR/AUD pair has been experiencing downward pressure due to the ECB interest rate decision scheduled for Thursday. The market is expected to remain volatile in the short term, with potential rallies being seen as selling opportunities.
Christopher Lewis, a technical analyst at DailyForex, notes that the euro has fallen against the Australian dollar and is likely to continue its downtrend in the longer term. He identifies support levels between 1.61 and 1.60 on the longer-term chart.
Lewis emphasizes that clearing the 1.60 level to the downside could open up a new leg lower for the pair, making it a very real possibility at this point. He suggests waiting for signs of exhaustion after the ECB interest rate decision before shorting the pair again.