EURAUD bounced nicely off its support, potential to rise further

EURAUD bounced nicely off its support at 1.598 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal swing low support) where it could potentially rise to its resistance at 1.6185 (61.8% Fibonacci extension, horizontal swing high resistance). We have also identified another support at 1.5833 (100% Fibonacci extension, 61.8% Fibonacci retracement, L T 38.2% Fibonacci retracement, horizontal overlap support).

Stochastic (55, 5, 3) made a corresponding bounce off its support at 1.65% where it has a lot of upside potential.