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
Just to share with you guys EURUSD sudden jump in technical analysis. Technically this movement is a flat correction as of 3, 3, 5 and finished just inside the falling channel. The last motive wave just touched the upper falling trend line and slightly exceeded 0.382 Fibonacci level. What is next? If this is a real flat correction as wave four comparing to simple wave two, means we should keep our bearish position so I am still shorting the sick puppy targeting 1.2500.
