EUR/USD Signal April 16, 2012

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By: Fadi Steitie

Currency: EUR/USD
Trend Expected Direction: Unknown.
Method: Elliott Waves and Fibonacci Trading.
Description: Again with over sold level in Relative Strengths and cross above the 30 (Blue Circle), and the expected news about dropping in Advance Retail Sales which might reflect on US Dollar, I do expect a bounce in EUR/USD to a certain level although I am not sure about the upcoming pattern. The trade could be risky one at the moment, but in days to come, we can recognize the direction on the trend. I am targeting 0.5 Fibonacci level.
Recommendation: Buy and hold
Target Area: 1.3100
Stop Loss: 1.29500

EUR/USD Signal 41612

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals based on his keen understanding of the market. Fadi is an expert in Elliott wav principles and Ichimoku Kinko Hyo, and he is a managing partner in one of the leading organizations in protective coating in the Gulf region.

In addition to sharing his trades as a member of the DailyForex trading team, Fadi is an expert trader on eToro, a social platform that allows traders to copy experts quickly and easily. Copy Fadi's trades on eToro here.