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  4. EUR/USD Signal - Oct. 8, 2012
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EUR/USD Signal - Oct. 8, 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: DailyForex.com

Currency: EUR/USD
Trend Expected Direction: Flat
Method: Elliott Waves and Fibonacci Levels
Description: I usually do not trade om Mondays due to market instability and risk involved over the weekend.  Looking at posted chart, We can see alternation expanded Flat as wave two in red and corrective in progress zigzag in black. However, both corrections fall within trending channel.  One more wave is expected to take off as of wave v reaching around 1.3100 theoretically.  However, lets wait for Eurozone Finance Minster summit for Greece funding and Spain bailout cues before we plan our next move.
Recommendation:  Step aside and watch next trend move!
Target Area I: N/A
Stop Lose: N/A

EUR/USD Signal - October 8, 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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