EURAUD continues to fall inside the short-term corrective wave which started recently from the key resistance area lying between the pivotal resistance level 1.63000 (which has been reversing the price from October) and the upper daily Bollinger Band. Given the strong bullish sentiment affecting the Australian dollar at the moment – EURAUD is likely to fall further toward the next support level 1.61000 (former support from December) – the breakout of which can lead to further losses toward the next strong support level 1.59700 (monthly low from October and December).