EURAUD continues to fall after breaking below the key multi-month support level 1.60000 (which has stopped all downward impulse and corrections of this currency pair from the end of 2019 as can be seen below). The breakout of the support level 1.60000 accelerated the active minor impulse wave 3 – which belongs to the medium-term upward impulse wave (3) from October. Given the clear long-term downtrend and the continued Australian dollar bullish sentiment seen across the currency markets today – EURAUD is expected to fall further toward the next support level 1.57500 (target price for the completion of the active minor impulse wave (iii)).