Nice idea on EURAUD and there may be short term bearish potential as you have identified. I have identified a support level at 1.6167, where price may fall down to. It is a horizontal overlap support, with a 61.8% Fibonacci extension and 50% Fibonacci retracement. Stochastic is approaching its support at 2% where a corresponding bounce could occur. If a potential bounce does happen, we may take a closer look at the 1.6260 resistance level. It is a horizontal overlap resistance with a 50% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at my idea and we would like to hear from you.