Regular divergence between price and a momentum oscillator such as RSI indicate a possible trend reversal. The scenario of price making lower lows along with the oscillator is making higher lows is described as regular bullish divergence - suggesting a bullish trend reversal. The daily charts of EUR/AUD and USD/MXN have recently exhibited regular bullish divergence: and
Tough call from a fundamental perspective. I wouldn't go long anything Euro right about now, but I also wouldn't give too much credit to the Aussie. Though I think the Euro is far more overvalued. So more down moves would be expected.