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  4. EUR/USD Signal- Sept. 24, 2012
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EUR/USD Signal- Sept. 24, 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: FIFTH WAVE EXTENSION. What follow a motive wave that started on 8/2/2012 at price 1.21400 ended on 9/17 at price 1.31670 with extended fifth wave at 2.618 Fibonacci level (Shown on Chart)? Two optional corrections follow the previous pattern. A Zigzag or Expanded flat are expected on the way. The first target would be 1.26400 (Yellow dot line) and then we will decide what will follow that wave.
Recommendation: Sell & Hold
Target Area: 1.26400
Stop Loss: 1.30400

EURUSD signal 92412

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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