Upside Momentum to EUR/USD

By: Fadi Steitie

Currency: EUR/USD

Signal: Hold (Long)

Strategy: Ichimoku (Momentum) trend follow strategy

Description: Tenkan sen (Blue Average) is above Kijun sen (Red Average) with a strong  Kumo (Wide Cloud) which signal a good upside momentum.  A Hummer + A Bullish Engulfing as high lighted indicate a strong support
below trend.

Target      : 1.38700

Stop Lose: 1.35780 Just below Kijun sen (Red Average) (High risk vs reward due to a weakness in trend.

 EUR/USD Analysis, October 14, 2011

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.