After the false break to 1.3200 and a quick resumption back into the holiday range, we are on breakdown watch, again. The break, should it occur tonight, will come in at around 1.3110. The same game plan as last night is still in effect. Look to get short on the figure break with stops not closer than 20 points targeting 1.3050 on partials for the 1st stop move to breakeven. From there, the year-ending close below 1.3000 is still the goal.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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