The Eurozone single currency has depreciated about 1.54% against the Australian Dollar since January 8. The exchange rate was pressured south by the 50-hour simple moving average, which was providing resistance for the pair at 1.6200.
The EUR/AUD currency pair breached the lower boundary of an ascending channel at 1.5902 during the Asian session on Tuesday.
Given that a breakout had occurred, it is likely that the currency exchange rate continues its southern journey during the following trading sessions.
However, the 200-hour SMA at 1.5902 could provide support for the price within this session.
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