By: Fadi Steitie
Trend Expected Direction: Down within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: I guess we had a good trade last week by buying the pair at the bottom level and closed trade with around +170 pips. However, I suggest followers to stay aside on Monday and watch the trend heading toward 1.32450 or near that level in order to complete a minor correction before it proceed falling further as the US Index hits its forth cycle at 0.318 Fibonacci level and most probably will take off upward sometime next week and that will force Euro to fall further. The strategy for next week on EUR/USD is going to be a bearish with entry point at or near 1.32450 with Stop lose @ 1.3400 and open Target. All the best on next week trade!
Recommendation: Watch the market and short @ 1.32450
Target Area: Open
Stop Loss: 1.3400