Five waves completed decline on EUR/AUD from 1.98 level is a suggestion that bears are in charge on the pair, and that a top at 1.98 is now officially in place. However, despite strong bear movement, we still want to see a temporary correction within the trend, which always follows, once an five-wave move (impulse) fully unfolds.
We see a low of an impulse at the 1.602 level, from where an A-B-C corrective recovery can show up, and can in days or weeks ahead face resistance and a bearish reversal at the 1.677/1.75 level, where former swing highs and Fib. ratio of 23.8 and 38.2 can slow the consolidation down. If a correction is deeper, then Fib. ratio of 50.0 and 61.8 can also be reached at 1.80/1.84 level.