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Coleman: Why I’m buying EURUSD

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Ian Coleman is looking to buy EURUSD and here’s why.

Looking at the USD index, Coleman says it appears to be stalling after a rally and that any USD buying should be limited.

In addition to that EURUSD has hit a 261.8% extension level at 1.0953 and posted a DeMark correction on the daily, he says. On the intraday chart, it looks like a reverse head and shoulders formation is emerging. Coleman is looking to buy at 1.1010 with a stop at 1.0070 with a target at 1.1055 and another at 1.1135.