Should post-Brexit clarity emerge in 2020, euro strength should follow possibly resulting in lower AUD/EUR rates.
The Euro pulled back in early September after it touched $US1.20.
The trigger for this retreat were worries in the market that the EUR rise had come too fast and strong for the ECB’s liking.
The euro is currently a more appealing investment than the US dollar as fiscal support and COVID-19 containment open the door to a faster paced recovery than what is likely in the US. With current USD weakness and strong long-term prospects for the European Union, there is speculation that the euro could be a contender as the world’s new reserve currency. In the short term the euro could be susceptible to swings, however in the longterm the euro has very good prospects. August Currency Update
Note that forecasts and predictions for the AUD/EUR exchange rate change all the time, affected by news events and relative sentiment towards the Australian and Eurzone economies and this exchange rate is even more volatile than usual because of the uncertainties around Brexit.
You can read more about AUD cross-rate forecasts here AUD Trends and Forecasts for 2020.
This is a difficult question and the answer really depends on many factors. The best way to consider an exchange rate's relative value is to look at the rate's history.
The following table looks at the change in the AUD to EUR exchange rate to the present day for periods going back 10 years:
| AUD/EUR rate | Change | Period |
|---|---|---|
| 11 Sep 2020 : 0.6149 | 0.1% ▲ | 1 Week |
| 19 Aug 2020 : 0.6068 | 1.5% ▲ | 30 Days |
| 20 Jun 2020 : 0.6115 | 0.7% ▲ | 90 Days |
| 19 Sep 2019 : 0.6149 | 0.1% ▲ | 1 Year |
| 20 Sep 2015 : 0.6371 | 3.3% ▼ | 5 Years |
| 21 Sep 2010 : 0.7197 | 14.4% ▼ | 10 Years |
AUD/EUR 10 year historic rates & change to 18-Sep-2020 : 0.6158