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  4. EUR/USD Technical View - Oct. 2, 2012
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EUR/USD Technical View - Oct. 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.

By: Fadi Steitie

Currency: EUR/USD
Trend Expected Direction: Flat
Method: Elliott Waves and Fibonacci Levels
Description: Tuesday Oct 2 with much news moving EUR/USD. As a Probability theory of Elliott Waves, I could see an end of wave (A) with a leading diagonal that started on 17 September at 1.31666 ended on 30 Sept at 1.28014 with Fibonacci relation as of (A)=1 & (E)=1.618 (Shown on Chart). Now the correction that follow the falling channel is in progress where it might progress toward 1.30800 that in case trend breaks falling channel and resistance at 1.29600. Again what on chart is a predicted trend direction with a high risk or complex correction. I suggest traders/followers to step aside in the mean time and watch the market correction. I will get back with further analysis once correction get in a recognized pattern or break resistance.
Recommendation: Step aside and watch the market.
Target Area: N/A
Stop Loss: N/A

EUR/USD Technical View - October 2, 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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