EURAUD currency pair recently reversed down from the resistance area lying between the powerful resistance level 1.59400 (which stopped wave (4) at the end of January), upper daily Bollinger band and the 61.8% Fibonacci correction of the downward impulse from December. The downward reversal from this resistance area started the active impulse wave 1. Given clear daily downtrend and the bullish Australian dollar sentiment – EURAUD currency pair can be expected to fall further toward the next support level 1.57000 (target price for the completion of the active impulse wave 1).