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Talking Points
- Prices have failed to build higher after the appearance of a Bullish Engulfing candle pattern
- Near-term support is in the 98.00-18 area (trend line, 50% Fib); below that targets 97.19 (61.8% Fib)
- A turn above resistance at 98.99 (23.6% Fib) aims for 100.60 (Sep 11 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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