EURAUD recently broke the support area lying between the key support level 1.61000 (which reversed the price earlier in December) and the 61.8% Fibonacci correction of the previous sharp upward impulse from the start of November. This support area is acting as resistance zone after it was broken. Given the rising bullish Australian Dollar sentiment seen across the markets today , EURAUD is likely to fall further toward the next support level 1.59800 (low of the previous correction 2 from November and the target for the completion of the active impulse wave (c)).