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  4. EUR/USD Signal- July 16, 2012
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EUR/USD Signal- July 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.

Currency: EUR/USD
Trend Expected Direction: Flat
Method: Elliott Waves and Fibonacci Levels
Description: High Probability Trading is based on a break of falling momentum earlier last week followed by a long blue candle that indicated a strong Bullish sign. However, with current corrective drop in the pair that met its 2.618 Fibonacci level at P2 which it is almost its second pivot point, I traded again Euro/Usd and will increase my lots more once trend breaks 1.22150 which it is 1.618 Fibonacci that located above at P1. In Elliott term, this could be wave ii/ or (b) in a flat correction.
Recommendation: Buy and Hold
Target Area: Open
Stop Loss: 1.2150

EURUSD Signal 71612

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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