Forex Trading Library

Trade of the Day – EURUSD – Buying dips with correction limited

By Ian Coleman Last updated Oct 30, 2021

EURUSD – Intraday – We look to Buy at 1.1160 (stop at 1.1130)

Closed the day little net changed. The 261.8% Fibonacci extension is located at 1.1276 from 1.1110 to 1.1174. Broken out of the wedge formation to the upside. Reverse trend line support comes in at 1.1158. The formation has a measured move target of 1.1323.
Our profit targets will be 1.1320 and 1.1330

Resistance: 1.1276 / 1.1323 / 1.1350
Support: 1.1158 / 1.1110 / 1.1050

61.8%ENDING WEDGE

Ian Coleman

PIA-First provide award winning trade ideas on financial markets. Ran by traders for traders, PIA-First offer professional technical analysis combined with market sentiment specifically designed for the professional trader and investor whether they are independent or working in a financial institution. Our research covers over 25 different financial instruments from major equity indices, commodities and spot foreign exchange (FX).

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