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Talking Points
- Prices turned lower as expected after showing a Bearish Engulfing candle pattern
- Breaking support at 167.87 (38.2% Fib ret.) exposes 165.72 (50% Fib ret.)
- Reversing back above 170.53 (23.6% Fib ret.) targets 173.12 (Jan 9 high)
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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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