EURAUD is testing support, potential bounce!

EURAUD is testing our first support at 1.5871 (horizontal swing low support, 61.8%, 100% Fibonacci extension). A strong bounce might occur above this level, pushing price up to our major resistance at 1.5956 (Horizontal swing high resistance, 50%, 76.4% Fibonacci retracement).

Stochastic (89,5,3) is also approaching our major support and might be a good precursor for a potential rise in price should it bounce off this level.

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