EUR/AUD Sees Stability After Friday's Decline

The EUR/AUD currency pair has stabilized on Monday after a significant decline on Friday.

According to Christopher Lewis, a technical analyst and market commentator at DailyForex with over two decades of trading experience, this stabilization suggests that the market is range-bound and waiting for a catalyst.

The Stochastic Oscillator is being watched by Lewis as well, but he believes that energy will eventually become a factor in the European Union's economy, which could impact the EUR/AUD pair.

From a longer-term perspective, Lewis notes that significant support levels are present at 1.6150 and 1.66, with a potential massive sell-off if the market were to break down another 300 pips.