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  4. EUR/USD Signal - April 6, 2012
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EUR/USD Signal - April 6, 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 within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: It seems EUR/USD getting to its bottom reaching its 1.618 Fibonacci level at 1.30350 with a five smaller waves ending diagonal. With a negative expectation in NFP tomorrow, that would give a good reason to go long for a correction targeting 1.31840! However, I usually trade smaller lots in such corrections due to its risk level! My trade set up for tomorrow is to buy the pair just when trend gets above 1.30730 targeting 1.31800 with a Stop Lose at 1.30250.
Target Area: 1.31800
Stop Loss: 1.30250

EUR/USD Signal - April 6, 2012

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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