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  1. DF
  2. Technical Analysis
  3. EUR/USD Signal – October 27, 2011
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EUR/USD Signal – October 27, 2011

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

Currency: EUR/USD
Signal: Sell (Hold)
Strategy: Elliott Waves
Description: As shown in chart. Wave iv ended on 0.318 fib level with a simple correction comparing to wave ii with a complex one. I do see an ending diagonal pattern that shaped wave v which expected to end at 1.236 Fib level ( 1.40640) or 1.382 Fib level (1.41600). A drop is still possible targeting wave v of (iii) as shown with the red A level.
Target: 1.3700
Stop Loss: To be adjusted to 1.41600 at this point.

Free EUR/USD Signal - October 27, 2011

Fadi Steitie
About 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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