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- Prices rose as expected after forming a Bullish Engulfing pattern at support near 0.89
- A close above resistance at 0.9523 (38.2% Fib) has exposed 0.9598 (50% Fib)
- Turning back below 0.9523 targets 0.9430 (23.6% Fib); we are holdinglong
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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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