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Trade Idea: Sell EURUSD on channel formation
Ian Coleman fromFirst4Trading.com has three reasons for selling the Eurodollar.
On the intro day chart, Coleman says he observed a period of buying. Secondly, he is seeing we are in the corrective channel formation. Yesterday there was also an interesting activity around rejecting gains of previous highs around 1.3545 - 46.
Coleman plans on selling one unit at the market open. The second unit Coleman plans on selling at 1.3535. He has set a stop at 1.3555 and a target of 1.3462. Coleman’s second trade is based on the intro day channel base and says to expect further losses at 1.3375, which is the daily Ichumoko cloud.
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