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  4. EUR/USD Signal Update - Feb. 16, 2012
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EUR/USD Signal Update - Feb. 16, 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: Up
Method: Elliott Waves and Fibonacci Trading.
Description: A follow up on my previous post on EUR/USD, the pair is still in a combination of complex waves Started with a Zigzag, then a complex Zigzag and the last is a more complex double Zigzag. The corrective wave is still above the 0.382 Fibonacci level in comparison to previous impulse wave and I still expect a larger impulse to take off soon after the complex B ends. I marked the waves by 1, 2, 3 on chart to show the correction movement. I just adjusted the stop loss to 1.29 and the target to 1.35750. The negative and conflict news on the Euro zone has  created such a scenario.
Action: Buy and Hold
Target Area: 1.35750
Stop Loss: 1.29000

EUR/USD Signal Update - February 16, 2012

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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