The EURAUD has formed a Pin Bar reversal on the daily chart. This price action is bullish and could possibly lead to price moving higher.
This Pin Bar has formed at and old resistance area. The old resistance area is now holding as new support. Price in this pair has been in an up-trend and looking for longs has been the best course of action. It will be interesting now to see if higher prices continue.
If price can break the high of the Pin Bar, price may look to push to the next resistance around 1.2685. If price falls lower, the next major support is around 1.2380.
EURAUD DAILY CHART – 12 OCTOBER 2012
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