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Talking Points
- Prices declined as expected, completing a Rising Wedge chart formation
- Breaking support in the 0.8332-40 area (76.4% Fib, Oct 1 low) eyes 0.8265 (100% Fib)
- Resistance is at 0.8387 (61.8% Fib); a reversal above that targets 0.8425 (50% Fib)
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
Contact and follow Ilya on Twitter: @IlyaSpivak
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