The EURUSD has formed a false break pin bar of the recent resistance area on the daily chart. This false break has occurred when price has moved higher and tried to push through the resistance only for the bears to jump in and smash price lower. This reversal of price is what has created the Pin Bar on the daily chart.
If price is to break the pin bar and move lower, the next near term support level comes in very close. This near support level has proven to be a very key level for this market in recent times for both support and resistance.
Price has been in an up-trend of late and it would be no surprise to see price continue with the trend higher. If price does move back higher the next major resistance comes in around 1.3260.
EURUSD DAILY CHART | 2 MAY 2013
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