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Talking Points

• A break of neckline support 0.8214 (38.2% Fib) hints a Head & Shoulders top is set

• Sellers now target 0.8113 (50% Fib); the H&S setup implies a measured target at 0.7885

• Reversing back above 0.8214 sees resistance in the 0.8382-0.8435 area (Sep 18-19 highs)

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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