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EURAUD approaching support, potential bounce!

EURAUD is approaching our first support at 1.5779 (horizontal overlap support, 23.6%, 38.2% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 1.6130 (horizontal swing high resistance, 100% Fibonacci extension). A breakout above our intermediate resistance at 1.5963 (horizontal swing high resistance, 50% Fibonacci retracement) might provide the bullish acceleration to our major resistance level.
Stochastic is also approaching our major support, in line with the potential drop in price before it reaches our first support. A bounce off this level might be a good precursor for a potential rise in price.
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