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Talking Points
- Bullish Engulfing pattern formed at rising trend line support set from November 2011
- Candle setup hints at gains. Initial resistance at seen at 0.7917 (23.6% Fib retracement)
- Reversal below the trend line (now at 0.7721) exposes the June 24 swing low at 0.7682
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
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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