EUR/JPY Signal- May 3, 2012

Fadi Steitie

By: Fadi Steitie

Currency: EUR/JPY
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: Technically speaking on EUR/JPY chart, a larger Zigzag drop started on 1st of April 2012 at 111.00 level where wave (A) ended on 16th of April at 104.670 and bounced back to form wave (B). Trend already proceeded with final wave (C) with a good milestone crossed minor waves i through iii and left extended wave v that expected to take off sometime next week after trend tests 106.00 level. I suggest traders/readers to keep a close eye on 106.00 level and short currency once within the range for further drop.
Recommendation: Sell and hold near 106.00 level
Target Area: Open
Stop Loss: 106.700

EURJPY signal 5312

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.

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