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  4. EUR/USD Signal- January 10, 2012
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EUR/USD Signal- January 10, 2012

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
Trend Expected Direction: Down
Strategy: Elliott Waves and Fibonacci Trading.
Description: The currency has just bounced at 1.26650 completed wave 3 of larger iii. We can notice in the chart that wave 2 was exactly at 0.618 fib level at 1.30710 price point, and now I expect wave 4 to go up to 0.382 Fib (Red) at 1.28214 before it resume falling down to complete wave 5 of iii at a target price 1.24953 or at 1.618 Fib. This is a falling channel for only wave 1,2,3,4,5. I do expect a larger complex corrective wave once we hit our target for this week.
Action: Short the pair
Target Area: 1.2500
Stop Loss: 1.28800

EUR/USD Signal 1/10/12

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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