EUR/USD Weekly Outlook

Fadi Steitie

By: Fadi Steitie

Currency: EUR/USD
Trend Expected Direction: Down
Strategy: Weekly Ichimoku Kinko and Hourly Elliott Waves and Fibonacci Trading.
Description: Trend has finally breaks the cloud Kumo hitting the Doji support which indicate a bounce is on the way for a day or two going toward 0.382 fib level as shown on hourly chart. I do expect a major drop once trend breaks 1.32050 heading downward. Again we can all notice how senkou A 26 days crossed Senkou B 52 days for a negative sentiment on weekly chart. I suggest a short strategy that I will send in a day or two or once more economic news flows in order to trade the negative momentum. A quick look at hourly chart, we notice a positive divergence between trend and rate of change. ROC changed from negative to positive once wave v reached 1.618 fib level. Double Zigzag completed upward so far and more complex waves are expected before trend falls.
Action: Hold and watch for breakouts
Target Area: N/A
Stop Loss: N/A
Risk: N/A

EUR/USD 11/29/11

 

EUR/USD 11/29/11

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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