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Trade idea: Sell the euro on an ABCD formation
Ian Coleman from First 4 Trading is looking to sell Euro Sterling for three key reasons; we are in a medium-term ABCD formation to the downside, the move up from 15th of August low is corrective, and we can see a formed ascending wedge formation.
As a result, Ian is looking to enter at the 38.2% pullback, to sell at .8605 or .8573 and to place a pip stop at 25. His targets are .8573, .8550 and .8510.
Last week, sterling rose against the euro after data showed the British economy had grown more than initially estimated in the second quarter. Gross domestic product expanded 0.7 per cent on the quarter.
Bank of England Governor Mark Carney earlier this month pledged to keep UK interest rates low until unemployment falls to 7 per cent, which the central bank sees as unlikely for another three years.
01:21 minutes
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