EUR/USD Signal - March 18, 2012

Fadi Steitie

| on March 18, 2012 | Updated on March 18, 2012

By: Fadi Steitie

Currency: EUR/USD
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

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.