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EUR/USD: Under 1.2317 Required to Weaken Shortterm Structure

EUR/USD is testing 1.2317 (10/08/2012 intraday high) below which will weaken the short-term structure in favour of the bears.

Focusing on the USD Index, we continue to expect that the key low at 81.161 (18/06/2012 low) will not be breached and view this level as being key to continued upside.

Back over 1.2443 will dampen our bearish bias.

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