EURAUD approaching support, potential bounce!

Price is approaching our first support at 1.5873 (horizontal swing low support, 61.8% Fibonacci extension) which coincides with our long term ascending support line. A strong bounce might occur at this level, pushing price up to our major resistance at 1.6072 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension).

RSI (89) is also approaching our major support and we might see a corresponding rise in price should it bounce off this level.

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