EUR/USD could back down into the support area
Though the EURUSD has found support at about 1.2150-1.2200 area; there has also consecutive bullish pin bar's that has strong rejection from that support and last 17th July 2012 price closed above 1.2287 resistance. And all of these clear indicted that it move price higher at about 1.2400 key resistance.
But last 3days we can see that it failed to crossing the 1.2287 resistance. now its formed Inside Bar setup where today it attempt to break the resistance that formed a fakey setup.
Now we expect price could back down into the support area. Note that, there we can see a similar setup that formed 26-28 June, 2012.