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Table of Contents
  1. DF
  2. Technical Analysis
  3. EUR/USD Signal Correction
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EUR/USD Signal Correction

By Fadi Steitie
Fadi Steitie
By 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.

By: Fadi Steitie

EUR/USD Analysis, September 15, 2011

**This is a correction from the EUR/USD signal posted on September 13, 2011
Currency: EUR/USD
Signal: Hold (Short)
Strategy: Elliott Waves
Description: Ending of correction wave (iv) at resistance level 1.37413
or 0.382 Fib level at channel resistance line heading downward targeting
final wave (v). Good luck to all traders
Note: Wave (iv) getting complex because of simple wave (ii). Usually complex waves gets 1, 2 or 3 maximum patterns marked X1, X2, X3 before it breaks. As shown in chart we are in final X3 pattern that hits 0.386 Fibonacci level which alerts us that wave is ending and getting very weak. I expect a sharp drop toward our target price anytime.
Target : 1.33970
Stop Loss: 1.38250

Fadi Steitie
By 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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