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June 21 2012

Euro is still trapped in tight ranges around 1.2700 market and its more than obvious that corrective rally since start of June is incomplete. Notice that in the recent sell-off market did not break through the lower support line of a corrective channel, which means that price did not confirm a downtrend continuation! So for now we need to stay with current sentiment, tracking a double zig-zag headed to 1.2780 resistance area, before market turns bearish.
Bottom line: recovery is corrective and  weakness will come!

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