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  4. EUR/USD Signal- August 2, 2012
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EUR/USD Signal- August 2, 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: Down
Method: Elliott Waves and Fibonacci Levels
Description: In technical view the pair has formed a motive wave after it retraced 50% of the previous major drop (I) that started on 20 Jun at 1.27240 ended on 24 July at 1.20450. With a correction pull back that hit 50% at 1.2400 a spike took action down to 1.21720 which I assume as a new start of wave 1. If my assumption is correct, a correction should retrace 0.618 up to or near 1.2300 almost a 100 pips. If that scenario happened, I will plan to short the pair one more time with open target for expected longer wave (III). Lets watch the movement for now and decide accordingly.
Recommendation :Short and Hold when trend near 1.2300
Target Area: Open
Stop Loss: 1.23700

EURUSD Signal 8212

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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