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
Trend Expected Direction: Down
Strategy: Elliott Waves
Description:Just a follow up and to see the logic behind my analysis of Target Zone. Its been taken from Fibonacci relationship golden ratios. We can notice how the simple correction hit 0.618 Fib level, and 1.618 is on the way after the complex wave IV.
Action: Hold Short
Target Area: 1.28350
Stop Loss: 1.32500
