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  4. EUR/USD Signal - Oct. 3, 2012
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EUR/USD Signal - Oct. 3, 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: A quick look at the progress of Euro/USD trade, one of the motive waves has taken place after falling diagonal hit its limit at 1.28025, followed by a flat correction. A break in falling channel turn resistance into a support which might give a better chance for Euro to appreciate against the green Buck. However, I will watch 1.29650 level, and once its broke, I will buy with very limited lots due risk involved in this trade. The target will be near 1.30600 and Stop Loss just below 1.2900.
Recommendation: Watch 1.29650 and buy small lots if breaks resistance.
Target Area: N/A (For now)
Stop Loss: N/A (For now)

EUR/USD Signal - October 3, 2012

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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