The EUR/AUD seems to be building a head and shoulders reversal chart pattern as indicated by the purple boxes. The bearish breakout below the support trend line (dotted blue) could confirm a larger reversal.
The EUR/AUD seems to have completed 5 bearish waves within a wave A (pink) and has recently completed a potential wave B (pink) at the Fibonacci levels of wave B vs A. The bearish breakout could indicate the start of a wave (purple) within wave C (pink).
The EUR/AUD is probably building a larger WXY (light purple) correction within the wave B (red). A break below the support trend line (green) is the confirmation of the head and shoulders reversal chart pattern taking place which could take price down the support trend line (blue). A break above the purple box could indicate a pattern failure which could take indicate a potential restart of the uptrend.