As far as I can see it, EURAUD is about to complete a corrective rally. I find it very likely to give in under the pressure of resistance, which is spread horizontally at the level of prior lows. The rally is very steep, so it may be hard to maintain much longer, given the preceding down trend. I also find current strength of the EUR a little bit overstretched, as well as the AUD's weakness slightly overdue. So I conclude a correction down to 1.50, or even below this level, is very likely to occur.