The EURUSD Forex re-tested the low and the bears got a weak follow-through bar on the weekly chart. The bears want a breakout below the May low followed by a measured move down based on the height of the 7-year trading range. The bulls want a reversal higher from a double bottom major trend reversal following the trend channel line overshoot and wedge bottom.
EURUSD second leg sideways to down
The EURUSD Forex stalled around the April low which was the last breakout point. The bears are now getting the second leg sideways to down that they were expecting. The bulls hope the sell-off this week was simply a sell vacuum test of the low. Odds slightly favor sideways to down next week. Bears want a follow-through bear bar while the bulls want a bull bar even though the EURUSD may trade lower first.
EURUSD bull reversal bar and major trend reversal
The EURUSD Forex closed as a bull reversal bar on the monthly chart after testing the 2017 low. The bulls want a reversal higher from a lower low major trend reversal bar and a double bottom with the 2017 low.
However, the sell-off since June 2021 has been in a tight bear channel. Odds are, there should be at least a small second leg sideways to down after the pullback because v-bottoms are not common.
EURUSD consecutive bull bars on weekly chart
The EURUSD Forex is reversing up from a trend channel line overshoot and a parabolic wedge. The bulls got consecutive bull bars this week. Odds are a 2 legged sideways to up pullback has begun.
The sell-off since March was very strong. Traders expect at least a small second leg sideways to down after the pullback is over.
EURUSD Forex failed breakout from final flag
The EURUSD Forex pulled back after testing the 2017 low. The 10-day tight trading range from the end of April potentially is the final flag of the trend. Bulls want at least a 2 legged sideways to up pullback following a parabolic wedge (August 20, November 24, May 13) and a trend channel line overshoot.
likely be minor and traders expect at least a small second leg sideways to down after the pullback.
EURUSD bear breakout test 2017 low
The EURUSD Forex broke below the tight trading range and tested the 2017 low. Bears want a strong break below 2017 followed by a measured move based on the height of the 7-year trading range. Bulls hope for a 2 legged sideways to up pullback to begin soon from a parabolic wedge and a trend channel line overshoot.
EURUSD potential final flag & 2017 low magnet below
The EURUSD Forex sell-off is strong and in a tight bear channel. Bears want a test of 2017 low and a strong breakout below. Because of the strong selling pressure, odds slightly favor sideways to down.
However, because of the 1) oversold conditions, 2) trend channel line overshoot and 3) parabolic wedge and 4) potential final flag, traders should be prepared for a 2-legged pullback (bounce) which can begin at any moment.
EURUSD Forex parabolic wedge & trend channel line overshoot
The EURUSD Forex broke below March 2020 low. The next target for the bears is the 7-year trading range low. The sell-off is in a tight channel which means strong bears.
The monthly and weekly candlestick overshoot the trend channel line this week. There is also a parabolic wedge on the chart. While lower price is slightly more likely, traders should be prepared for a 2 legged sideways to up pullback (bounce) which can begin at any moment.
EURUSD pullback after breakout below March 4 low
The EURUSD Forex is trading sideways after breaking below March 4 low. It may continue to trade sideways for another week or two. If there is a breakout, odds slightly favor a downside breakout more. Bulls need to create consecutive big bull bars trading far above April 21 high to convince traders that a reversal higher may be underway.
EURUSD bear follow-through on weekly chart
The EURUSD Forex traded sideways to down for the week. However, the weekly candlestick has a prominent tail below. The bears want a strong break below the March 4 low followed by a test of the March 2020 low. Bulls want a reversal higher from a double bottom with March 4 low and a lower low major trend reversal. The bulls will need to create strong consecutive strong bull bars to convince traders that a reversal higher could be underway. Odds slightly favor at least a small second leg sideways to down after a slightly larger pullback.
