The EURUSD Forex weekly candlestick was a bear follow-through bar testing July low. The prominent tail below indicates that the bears are not yet as strong as they would like to be. The bears want a strong breakout and a measured move based on ??? below July low. Bulls want the EURUSD to stall around the July low and another reversal attempt from a wedge bottom (Mar 4, May 13 and July 14) and a double bottom with the July low (July 14 and May 23).
EURUSD Big Bear Bar Retesting July Low
Market Overview: EURUSD Forex EURUSD big bear bar retested the July closing near the low on the weekly chart. Bears want a strong breakout below the July low followed by a measured move down. They will need to create a follow-through bear bar next week to increase the odds of a breakout attempt below the July […]
EURUSD breakout point test sideways to up
The EURUSD Forex continue trading sideways to up, testing the May breakout point. The current pullback has a lot of overlapping price action, indicating that the bulls are not strong yet. The bulls need to create consecutive bull bars closing near their highs and trading back into the 10-week trading range to increase the odds of a failed breakout below the 2017 low. If the pullback remains sideways, odds are the bears will get a second leg sideways to down re-testing July low.
EURUSD sideways to up pullback phase continues
The EURUSD Forex is still in a sideways to up pullback on the weekly chart. The bulls have not yet been able to create strong consecutive bull bars since breaking below the 2017 low. If the pullback remains sideways, odds are the bears will return for a re-test of the July low.
EURUSD breaks below 7-year trading range
The EURUSD Forex July candlestick was a big bear bar with a long tail below. It broke below the 7-year trading range low. The long tail below indicates that the bears are not as strong as they could have been. The bears will need to create a consecutive bear bar to confirm the breakout below the 7-year trading range. The selling has been climactic. The trend channel line overshoot and wedge bottom (November 24, May 13 and July 14) increase the odds of at least a small sideways to up pullback (for a couple of weeks) before the EURUSD continue lower. The pullback may have begun in July.
EURUSD sideways at wedge bottom pullback
The EURUSD Forex broke below the 2017 low with follow-through selling recently. The bulls want a reversal higher from a wedge bottom (Mar 4, May 13 and July 14) and a trend channel line overshoot. However, the move down is in a tight bear channel. That means strong bears. Odds slightly favor lower prices for the EURUSD after a larger pullback.
EURUSD consecutive bear bars below 7-year trading range
The EURUSD Forex had consecutive bear bars below the 7-year trading range which confirmed the breakout. Bears want a measured move down based on the height of the 7-year trading range which will take them to the year 2000 low. While odds favor lower prices, the trend channel line overshoot and the wedge bottom increase the odds of at least a small sideways to up pullback beginning within 1 to 3 weeks before the EURUSD continue lower.
EURUSD bear breakout below 2017 low
The EURUSD Forex weekly candlestick broke out below the 7-year trading range. Bears want a measured move down based on the 7-year trading range height which will take them to the year 2000 low. Bulls want a failed breakout below the trading range and hope that the 10-week trading range is the final flag of the whole move down since 2021.
EURUSD June monthly candlestick was inside bear bar
The EURUSD Forex market is in a 10-week trading range. Bears want a breakout below the 2017 low followed by a measured move down based on the height of the 7-year trading range height. Bulls want a reversal higher from a wedge bottom and a double bottom from the 7-year trading range low. Traders will BLSH (Buy Low, Sell High) until there is a strong breakout from either direction.
EURUSD sideways trading range for 9 weeks
The EURUSD Forex is in a 9-weeks sideways trading range. The bulls want a reversal from a double bottom (May 13 and Jun 15) following a trend channel line overshoot and a wedge bottom (Aug 20, Nov 24 and May 13). They need to create follow-through buying next week to convince traders that a reversal higher may be underway. The bears want the EURUSD to stall around or below the May 20 high, the bear trend line, or the 20-week exponential moving average and a re-test of the low.
