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 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.