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  4. EUR/USD Signal - December 18, 2012
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EUR/USD Signal - December 18, 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
Method: Elliott Waves
Description: I would like to start my week by selling Euro vs USD. The technical reason behind my thought that the pair is in oversold area as per Market Mass Psychology. The trend hit 1.31700 level with a divergence in RSI indicator on 5th wave to hit and pass 1.618 Fibonacci level which it should be at 1.31500. I do expect a correction on this trade cycle that might reach 1.30650 level once trend breaks. Lets watch our Stop Loss in this trade at 1.32500 and be a bit flexible with it and keep our eyes on 1.30650 as a soft target.
Recommendation: Sell and Hold
Stop Loss: 1.32500
Target: Open

EURUSD FX Signal - December 18, 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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