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Talking Points

• Prices turned lower as expected after putting in a Bearish Engulfing candle pattern

• Support is now at 0.9409 (38.2% Fib); breaking below that targets 0.9302 (50% Fib)

• Above 0.9509-42 (channel bottom, Fib cluster) exposes 0.9714 (50% Fib from April high)

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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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