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: Again a correction has taking a shape targeting .0618 Fibonacci level with expanded C to complete wave 2 at 1.22985 price point. I expected a drop to form wave 3 within falling channel once trend hits golden ration. I will short the pair at this level targeting five waves down to 1.23700.
Recommendation:Sell
Target Area: 1.20500
Stop Loss: 1.23700
