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EURAUD testing major support, prepare for a potential bounce!

Long
Euro / Australian Dollar (FX:EURAUD)  
Tickmill Broker  
FX:EURAUD   Euro / Australian Dollar
Trend Analysis Harmonic Patterns Chart Patterns EURAUD euraudshort euraudlong euraudsell euraudanalysis euraudbuy euraudbreakout euraudbearish
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trendanalysis harmonicpatterns chartpattern euraud euraudshort euraudlong euraudsell euraudanalysis euraudbuy euraudbreakout euraudbearish
EURAUD is testing major support at 1.5772 (long term ascending support line, Fibonacci retracement, horizontal overlap support, Fibonacci extension) and a strong bounce could occur at this level pushing price all the way up to major resistance at 1.6137 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance). We identified second support at 1.5632 which is right below major 50% retracement and swing low support).
Stochastic (55,5,3) is seeing major support above 2.6% where a corresponding bounce could occur.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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