EUR/USD Signal Update - Dec. 20, 2012

|

By: DailyForex.com

Currency: EUR/USD
Method
: Elliott Waves
Description: Our previous Euro ESD trade hit its Stop Loss at 1.32500. I wanted to trade the very next correction wave (ii)/(iv) but the market beat us. However, After reviewing the USD chart as well as EUR/USD, I came to the conclusion that the USD is at its final barrier triangle in a larger correction patter and EUR/USD cross is progressing wave (iv) in a simple form. I would step out for sometime and watch wave (iv) testing 0.382 Fibonacci at 1.31450 to confirm wave (iv) completion and then I will post target wave (v) trade from that point traveling to expected 1.35300 level for a full cycle. Stay tuned for my next analysis.
Recommendation: Watch 1.31450 Level
Stop Loss: N/A
Target: N/A

EUR/USD Signal Update - December 20, 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.