EUR/AUD is trading bearish since the start of June, when pair completed a bigger five wave rise. As such we see current bearish development as wave A), first leg that is part of an upcoming three wave pullback. Once current wave A) finds a base, ideally this will be around Fibonacci ratio of 61.8, that is when a new minor three wave recovery can follow into the following red wave B).

EUR/AUD, 1H