EURUSD: Thurs 1/9/16 - Successful Effort to Rise

1st September 2016
by Steve Gill
CEO, VME Retail

Effort to Rise

A lovely effort to rise on the hourly chart. Keep in mind today is September 1st, and traditionally this is when trading starts getting active again after the summer lull. There is an outside chance we've seen the low and with new volume the SM pushes through the supply, but I'm still thinking we need a shakeout first. Either way I expect to end the year higher than 1.11.

1 hour chart

I actually went long after the 2BR (Two bar reversal) on the hourly into the volume zone I mentioned yesterday. I'm still thinking we need to see the price action around the strong resistance zone still highlighted in red on my chart, and despite the effort to rise today I'm still thinking shorts if we reach there. In this middle zone I'm out - closed my longs and not taking trades. Take your trades at the edges was something I learnt early on in my trading career.

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