Some traders are fading the Fiscal Cliff deal by selling the EURUSD despite a strong stock and commodity market. But we believe that bearish is still not the right direction for the pair in low-liquid market.

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EURUSD seems to be headed within wave (c) after sharp reversal from 1.3292. A five wave decline from that point should complete a fall and cause a bullish reversal for the pair, ideally from corrective channel support line. Key support is at 1.3140.
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