EURAUD recently broke below the key support level 1.56000 (which reversed the price numerous times from the middle of January as can be seen from the daily EURAUD chart below). The breakout of this support level accelerated the active short-term impulse wave 3 from the start of February – which belongs to the higher order impulse wave (3) from the end of January. Give the predominant downtrend that can be seen on the daily EURAUD charts – EURAUD is likely to fall further toward the next support level 1.52500 (forecast price for the completion of the active impulse wave 3 intersecting with the support trendline of the daily down channel from December).