EUR/USD Signal- January 2, 2013

Fadi Steitie

Currency: EUR/USD
Method: Elliott Waves
Description: As per wave counts, the trend is within a a double/triple correction, or triangle. It is testing 0.382 Fibonacci level at 1.31630. I can see two scenarios at this stage where the trend might break the Resistance level and travel upward to complete final wave five, or might for the final round to test the support level at 1.31630 before it proceed upward. However, I would suggest traders who are long to hold their position for further strength and traders who were watching the pair to wait for the best entry level near support (1.31630) or above support 1.3300.
Recommendation: Buy and Hold
Stop Loss: 1.31000
Target: Open

EURUSD Signal 1213

About the Author
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.

Currency Pairs:
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