EUR/USD Signal - May 2, 2012

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By: Fadi Steitie

Currency: EUR/USD
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: In a descending falling trend line, a drop in trend just took a place in a larger Zigzag within triangle as of wave A and in term of motive, wave iii just completed 1.31220 and getting in a complex wave iv and that just got above 50% of the whole cycle (Black Line) targeting 0.318 Fib level or 1.31630. I expect a further drop as of wave v of larger wave (A).
Recommendation: Sell and hold
Target Area: 1.3100
Stop Loss: 1.3200

EUR/USD Signal - May 2, 2012

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.