EURAUD under bearish pressure after the earlier downward reversal from the resistance area lying between the key resistance level 1.63000 (which has been reversing the pair from the end of October), upper daily Bollinger Band and the 50% Fibonacci correction level of the previous wave (B) from August. Given the powerful Australian Dollar bullishness seen across the markets today – EURAUD is likely to fall toward the next support level 1.61500 (low of the previous minor correction (ii) from the start of December) – from where the price is likely to correct up.