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Coleman: Looking for a mild rally in EURUSD

Today technical analyst Ian Coleman from First 4 Trading is selling EURUSD. The currency pair had an aggressive sell-off on Friday with net losses of 151 pips. Furthermore the currency pair broke out of a corrective channel formation to the downside. It's now assessed as being in the fifth leg of an Elliott Wave formation.

The trend of higher lows is located at 1.2220 which is the medium term focus this week. Ian explains that intraday is exhausted with a 261.8% Fibonacci extension level located at 1.2347. He's looking for a mild rally to take us down to the target of 1.2220.

Selling: 1.2440

Stop: 1.2470

Targets: 1.2347 & 1.2220

01:21 minutes
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