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Talking Points
- Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern
- Support is in the 132.64-133.01 area (Rising Wedge bottom, 23.6% Fib retracement)
- Break of support exposes 131.47 (38.2% Fib); resistance is now at the 134.00 figure
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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