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Why I'm looking to sell EURUSD: Coleman

Ian Coleman of First4Trading.net explains in a technical analysis of charts why he is trading EURUSD. Coleman is looking to sell EURUSD at 1.1660 with a stop at 1.1690. His target is 1.1565.

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Squawk / 26 May 2016 at 5:50 GMT

AlanCollins

Partner at 3 C ANALYSIS / 3cAnalysis

United Kingdom

EURUSD - Temporary bounce incomplete?
Although the background remains dominated by a bearish Falling Three pattern there was limited movement in EURUSD Wednesday. The downside stalled at similar levels to the previous day (above the 200 day line but below the 100 day avg) but was unable to attract significant profit taking. This emphasises the underlying tone but in the immediate term Asian demand has built upon the limited profit taking and is likely to extend in Europe.
There is scope to 1.1201, 1.1228 and 1.1246 and only below this week's low renews negative sentiment.

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