By: Fadi Steitie
Currency: EUR/USD
Trend Expected Direction: Down within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: It look like trend moved from expanded correction at 1.31420 (a) into a zigzag minor wave (b) and another wave (c) to unfold targeting 0.5 Fibonacci Level at 1.31996 soon within this week. However the minor up channel might break anytime for another major drop though I consider this move is a risky for whom going long! I will exit trade and wait for correction to progress upward to its target level and to set up my trade for another downward rally.
Target Area: 1.31950
Stop Loss: 1.30000