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Talking Points
- A Bearish Engulfing candlestick pattern hints a move lower is ahead
- Breaking below 1.6426 (23.6% Fib ret., trend line) exposes 1.6316 (38.2% Fib ret.)
- Near-term resistance is at 1.6603 (January 2 swing high)
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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