By: Fadi Steitie
Currency: EUR/USD
Trend Expected Direction: Flat
Method: Elliott Waves and Fibonacci Levels
Description: Tuesday Oct 2 with much news moving EUR/USD. As a Probability theory of Elliott Waves, I could see an end of wave (A) with a leading diagonal that started on 17 September at 1.31666 ended on 30 Sept at 1.28014 with Fibonacci relation as of (A)=1 & (E)=1.618 (Shown on Chart). Now the correction that follow the falling channel is in progress where it might progress toward 1.30800 that in case trend breaks falling channel and resistance at 1.29600. Again what on chart is a predicted trend direction with a high risk or complex correction. I suggest traders/followers to step aside in the mean time and watch the market correction. I will get back with further analysis once correction get in a recognized pattern or break resistance.
Recommendation: Step aside and watch the market.
Target Area: N/A
Stop Loss: N/A
