Sellers in charge as price fails dramatically by the Weekly R1

FX:EURUSD   Euro / U.S. Dollar
50 0 3
Price failed rather dramatically today by the Weekly R1/Daily PP            
confluence. An ABCD pattern is forming and price seems to look
at the Weekly PP             for support at 1,1262. The D-level stands slightly
lower at 1,1234 close to the Aug 12 swing high at 1,1210.
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