EUR/USD Signal Update - Dec. 20, 2012

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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 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.