EUR/USD Weekly Technical Analysis and Pattern Recognition

Fadi Steitie

By: Fadi Steitie

Weekly:


Looking at weekly Ichimoku Chart, we can notice that trend has entered the Cloud (Kumo) which tells us that we are going into a correction wave that makes me expect Zigzag, Flat, or combinations before trend leaves the cloud into another major trend either upward or downward. In general trading corrections is very risky so that drives me to zoom the weekly chart to a 4hour chart below to recognize any trading opportunity within Kumo.

EUR/USD Weekly Technichal - October 10


4Hour:

We can see clearly at this chart that wave five completed at 1.618 Fib level or 1.31558 and moved into a correction stage that again either ZigZag, Flat, or both.  We see the two averages Tenkan sen 9 days (Blue) has crossed Kijun sen 26 days (Red) which indicate and upward movement is on the way but a resistance from Senkou Span B 52 days (Brown) is pushing trend down.  Opportunity of breakout happens here once trend break the 52 days average which I expect for the coming few days.

EUR/USD Weekly Technichal 4 Hour Chart- October 10

1Hour:

I set my plan here based on Elliott waves targeting wave B at 0.5 Fib
level before I buy.

EUR/USD Weekly Technichal 1 Hour Chart- October 10

Strategy: Elliott wave
Focus: ZigZag, Flat, Corrections
Signal I : once pattern complete wave b in 1H chart, I will buy as shown
(Blue arrow)
Signal II: once trend breaks Kumo in 4H chart.

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Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.

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