EUR/USD Signal- May 8, 2012

Fadi Steitie

By: Fadi Steitie

Currency: EUR/USD
Trend Expected Direction:N/A
Method: Elliott Waves and Fibonacci Levels
Strategy: High Probability Trading
Description: With extreme drop in Euro/Green Buck that exceeded %100 of regular ABC Zigzag which it called Through under after it broke the falling trend channel @1.30400 on Monday morning and 1.30120 level which cased what called a Through under ended at 1.29550. A bounce is usually expected in these cases confirmed by trend getting inside the falling channel again as shown on chart! I expect this corrective bounce to stay in strength as a minor abc testing the falling upper trend line at 1.3100.
Target Area: 1.31100
Stop Loss: 1.29800

EURUSD SIGNAL 5812

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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