EUR/USD Signal Update - March 8

By: Fadi Steitie

Currency:EUR/USD
Trend Expected Direction: Down within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: Follow up on my yesterday trade, I suggest my followers to close the long position or to wait until it comes close to 1.31950. I do feel another drop is coming on the way if wave five was en Ending Diagonal. I marked the current wave as of d which retrace 0.768 of previous c. Let's close with about 80 pips profit and watch the next move in the market.
Target Area: 1.31950
Stop Loss: 1.30500

EUR/USD Signal Update - March 8, 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.