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Coleman: Counter trend in EURUSD and here's why

Ian Coleman has spotted potential for an AB=CD corrective formation higher in EURUSD. "The medium-term bias is bearish with EURUSD forming an expanding wedge formation but intraday, dips continue to be bought into and we are assessed as being in an AB=CD corrective formation." Ian explains.

The target for this formation is at 1.1307. The 61.8% pullback level from 1.1460-1.1105 is at 1.1325. This is Ian's target zone: "The CD leg has stalled at a 161.8% extension of 1.1275 and posted a DeMark exhaustion count on the 1 hour chart. We look for an early dip to buy into." he adds.

Buy: 1.1240

Stop: at 1.1210

Target: 1.1305.

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01:38 minutes
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