EUR/USD continues to bounce slightly on Wednesday as traders are starting to react to rumors out of the EU that the banks are going to be recapitalized by several countries. These are just rumors at this point, and let's face it - more can go wrong than right in this scenario.
EUR/CHF rose on Wednesday, and looks like it is trying to break out. However, we are not convinced until the EU finds a plan for the debt crisis. Until then - we don't buy this pair, but if and when that day comes - this becomes a long-term buy-and-hold trade!
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