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Coleman: Looking for a mild rally in EURUSD

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November 24, 2014 currencies, currency, currency pairs, currency trading, dollar, euro, eurozone, eurusd, fibonacci, finance, forex, forex trading, fx, fx markets, fx strategy, fx trading, ian coleman, ian coleman first 4 trading, ian coleman traders tale, pairs, pairs trade, saxo, saxo bank, saxo bank saxo tv, saxo bank trading floor, saxo tv, saxo tv saxo bank, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, saxotv, trade idea, traders tale saxo tv, trading, tradingfloor, tradingfloor.com, usd
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