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  4. EUR/USD Weekly Analysis
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EUR/USD Weekly Analysis

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

Looking technically at EUR/USD weekly chart with Ichimoku Averages, we again notice the Bearish overview of the Euro/Dollar pair from the Bearish Engulfing Candle shape touching the 26 day average within the cloud which indicates that the trend is still within a corrective stage. A cross in kumo 26 days dropped below 52 days shows increase in negative momentum. A Buddha shape with a cross in averages Tenkan (Blue) below Kejun (Red) tells us the above resistance force is strong.

EUR/USD Weekly Analysis - November 1, 2011

If we look at hourly chart using Elliott Waves counting, we notice the previous trend ended at 0.618 fib (1.42500). A drop in trend with expectations of ABC Zigzag, Flat, or Triangle is on the way for this week.

EUR/USD Forex Chart - November 1, 2011

Summary

Currency: EUR/USD
General Trend Expected Direction: Down
Minor Trend Expected Direction: Up
Strategy: Elliott Waves
Description: Expected an end of wave A soon and up to wave B at 0.5 fib (1.40170) and down again for wave C targeting 1.36385 to complete the ABC pattern. This is only an expectation of a ZigZag correction pattern. Soon will figure out if the correction is a Zigzag, Flat or Triangle.
Target Area: 1.36385
Stop Loss: 1.40670

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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