EUR/USD Signal Update - March 15, 2012

Fadi Steitie

| on March 15, 2012 | Updated on March 15, 2012

By: Fadi Steitie

Currency: EUR/USD
Trend Expected Direction: Down within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: With a larger falling channel, a falling diagonal is in progress where wave D completed at 1.34850 and going down. It looks to me final wave E is also getting in a diagonal form. it is getting in a complex ZigZag within a falling Zigzag. As a world of probability and predictions, I would expect a correction going upward due to equality in the falling complex Zigzag that is coming to a 100% AB=BC.
Recommendation: Buy and hold
Target Area: Open
Stop Lose: 1.29500

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.