Ian Coleman, of First4Trading.net, outlines a technical analysis of why he is looking to sell EURUSD.

He explains there is a bullish hammer posted on the dollar index, close to 261.8% extension level at 91.76 and there is a move to the upside with bespoke resistance at 95.18.

EURUSD has been in an expanding wedge formation and an inverted hammer has been posted on the daily chart, with movement to the downside. Trading has been confined to the lower half of Friday’s range.

Coleman plans to sell EURUSD at market level with a stop at 1.1360 and a target of 1.1265.