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Talking Points
- Prices fell as expected after forming a Bearish Engulfing candle pattern; we remain short
- Breaking below 1.3688 (23.6% Fib ret., trend line) has exposed 1.3613 (38.2% Fib)
- Turning back above 1.3688 targets 1.3724 (trend line support-turned-resistance)
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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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