EUR/USD Signal Update #2 March 19

Fadi Steitie

| on March 19, 2012 | Updated on March 19, 2012

By: Fadi Steitie

Currency: EUR/USD
Trend Expected Direction: Down within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: Just for afternoon update on the pair above, I see the
correction is heading toward 2.618 Fibonacci or 1.32250 price point and
from there we need to keep our eyes open for further correction or to
trigger our short position with open target. I am going to place my
short position just at 1.32250 and watch the next market move. In the
same time, I reduced my Stop Lose to 1.33500. I will keep you posted if
things changed or need to be adjusted.
Recommendation: Trigger short position at 1.32250
Target Area: Open
Stop Loss: 1.33500

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.