EURAUD appear to have formed important bottom in Aug 2012 and now could be at least retracing some of the major decline it experienced over several years. As shown on the chart it is possible that of the low in Aug, Wave A is complete, Wave B is under development and could bottom around 1.207 from where it could be expected to go up in ABC zigzag with potential targets of 1.283 and 1.317 approx. Hence Bearish over next few days then Bullished from around 1.207 area