The EUR/AUD is showing strong bearish momentum, which is probably a bearish wave 3 (green). The currency pair could soon start a bullish correction which is likely to be a wave 4 pattern (green).
The EUR/AUD could bounce at the Fibonacci retracement levels of wave 4 vs 3 (green) for a bearish continuation. A break above the 50% Fib and resistance trend line (red) makes the wave 4 (green) pattern less likely.
The EUR/AUD made a bearish breakout on the daily chart and is showing strong bearish momentum. The chance of a bearish continuation seems likely at the moment.