EUR/USD Forecast 9/1/2015

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(EUR/USD) has corrected “too much”, and this break in rhythm we believe will lead to a head and shoulders type reversal. It’s time to trail protective stop loss orders once again, and be proactive to take the rest of the profit if price can rally back up to retest the blue zone.

This disappointing follow through on a near perfect pattern acts as a great lesson why we suggest taking profits of 1/2-3/4 when the blue zone is tested. The blue zone shows the area with the highest odds to produce a test, and any movement beyond that point tends to be a lower odds proposition. Conservative traders can always take 100% profits in the blue zone, if the stress of holding on through the whipsaws isn’t something you are comfortable with.