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- Prices rose as expected after forming a Bullish Engulfing pattern at support near 0.89
- A break above the June 26 high (0.9344) targets the 38.2% Fib retracement at 0.9509
- Near-term support is at 0.9220, the August 12 high. We continue to holdlong.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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