EUR/USD Signal- December 28, 2011

By: Fadi Steitie

Currency: EUR/USD
Trend Expected Direction: Down
Strategy: Ichimoku Kinko Hyo
Description: Just to visualize the Technical view of EUR/USD using
Japanese Candle Sticks along with Ichimoku Hyo, We can notice a falling
channel just below the cloud (Kumo). A falling red candle broke the
support level at 1.32180 and went to 1.29470 hitting the lower
trend-line of the falling channel. It then bounced with a long upper
shadow hitting the new resistance level at 1.31880. As we got a little
far from the main resistance zone with expansion in Cloud (Kumo), I do
expect a further drop in trend once it hits the upper trend-line. A
pull back is expected in such scenario but not at this level.
Action: Hold Short
Target Area: 1.28350
Stop Loss: 1.32500
Risk: N/A

EUR/USD Signal 12/28/11

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.