On Friday we posted in this blog about a Pin Bar setup that had formed on the daily chat of the EURAUD. We spoke about this Pin Bar forming at old resistance which was holding as new support. To read that post see here: EURAUD PIN BAR
Since posting the Pin Bar setup we can see that price did come off to the upside, and in doing so gave price action traders who played this trade, a good chance to make money from this up-move. If price continues on higher, the next major resistance for this pair comes in around 1.2810 area, which is also the recent high.
EURAUD DAILY CHART – 14 OCTOBER 2012