EUR/USD Signal - March 13, 2012

Fadi Steitie

By: Fadi Steitie

Currency: EUR/USD
Trend Expected Direction: Down within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: Looking at the overall picture of EUR/USD, We can notice a clear falling channel where the current trend is traveling in wave E or to its last destination. I can not decide where the currency are going to land in a week or two from now but I can predict it later when more waves unfolds. Now looking into a little details in the current correction that probably divide wave (a) from (c) and to keep in mind that the stream is going down, A two Zigzags completed a flat correction as only a prediction and a leading diagonal let's say as of wave i. In such scenarios, wave ii fall down to .0764 before it proceed for wave (iii). In this regard, I would wait until price 1.31060 and buy on the bounce for further wave (iii) until wave (v).
Target Area: Open
Stop Loss: 1.30800

EUR/USD Signal - March 13, 2012

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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