Strategy: Pending Short
With noting particularly compelling on short-term charts, we take this opportunity to evaluate long-term positioning. Prices are on track to form a large Bearish Engulfing below the 0.90 figure. A close below 0.7912, the 23.6% Fibonacci retracement of the rally from the 2009 low, would also take prices though major rising trend line support to confirm a long-term bearish reversal. We will continue to monitor positioning for an attractive selling opportunity.
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