EUR/USD Signal April 16, 2012
By: Fadi Steitie
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
- Currency Pairs