Prices are pulling back from resistance at a falling trend line set from May 2011 (1.3143) to test support at 1.2902, the 23.6% Fibonacci retracement. A break below this barrier targets a minor trend line at 1.2786 and the 38.2% retracement at 1.2737. The overall trend continues to favor the downside but I will opt to hold off on entering short until the series of higher lows traced out from the July 24 low is convincingly overturned on a daily closing basis.
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