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  4. EUR/USD Signal- October 29, 2012
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EUR/USD Signal- October 29, 2012

By Fadi Steitie
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 tr...

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Currency: EUR/USD
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: Closing below 1.29037 would confirm wave iv at 0.382 Fibonacci level and I would expect expanded wave v toward 1.618 Fibonacci level at 1.28400. The whole pattern Diagonal or double Zigzag should form toward Fibonacci mathematics. So if trend completed wave (D) at 0.618 or X and consider the lower correction at 0.5 in Minor (b), I would short the pair and hold it toward the following motive wave C.
Recommendation: Sell & Hold.
Target Area: 1.28400
Stop Loss: 1.29370

EURUSD Signal 102912

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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