{"id":152424,"date":"2022-05-29T01:30:00","date_gmt":"2022-05-29T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=152424"},"modified":"2022-05-29T00:25:02","modified_gmt":"2022-05-29T07:25:02","slug":"eurusd-consecutive-bull-bars","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-consecutive-bull-bars\/","title":{"rendered":"EURUSD consecutive bull bars on weekly chart"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The\u00a0<strong>EURUSD\u00a0<\/strong>Forex is reversing up from a trend channel line overshoot and a parabolic wedge. EURUSD consecutive bull bars on weekly chart. Odds are a 2 legged sideways to up pullback has begun.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The sell-off since March was very strong. Traders expect at least a small second leg sideways to down after the pullback is over.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">EURUSD Forex market <\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Weekly<\/em> EURUSD Forex chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Weekly-Consecutive-Bull-Bar-Testing-BO-Point.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Weekly-Consecutive-Bull-Bar-Testing-BO-Point-680x383.png\" alt=\"EURUSD Consecutive Bull Bars on Weekly Chart Testing Breakout Point\" class=\"wp-image-152547\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Weekly-Consecutive-Bull-Bar-Testing-BO-Point-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Weekly-Consecutive-Bull-Bar-Testing-BO-Point-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Weekly-Consecutive-Bull-Bar-Testing-BO-Point-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Weekly-Consecutive-Bull-Bar-Testing-BO-Point-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Weekly-Consecutive-Bull-Bar-Testing-BO-Point.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>This week\u2019s candlestick on the&nbsp;<a href=\"https:\/\/www.investing.com\/currencies\/eur-usd\" target=\"_blank\" rel=\"noreferrer noopener\">weekly EURUSD Forex chart<\/a>&nbsp;was a consecutive bull bar with a small tail above. It closed above the high of the last 3 candlesticks.<\/li><li>Last week, we said that the bulls will need to create a follow-through bar this week to convince traders that a 2-legged sideways to up pullback may be underway.<\/li><li>The recent selloff is climactic. Because of the market context (parabolic wedge, trend channel line overshoot), traders should be prepared for a 2-legged pullback (bounce) which may have begun last week.<\/li><li>This week, the bulls got the follow-through bar that they wanted.<\/li><li>The bulls want a reversal higher from a parabolic wedge (August 20, November 24, May 13) and a trend channel line overshoot.<\/li><li>The bulls hope that the selloff since March was a sell vacuum test of the 7-year trading range low. They want at least a 2-legged sideways to up pullback.&nbsp;<\/li><li>The targets for the bulls are the last major lower high on April 21 or around the 20-week exponential moving average or the bear trend line.<\/li><li>The bears want a retest of the 2017 low followed by a strong breakout and a measured move down based on the height of the 7-year trading range.<\/li><li>Because of the tight channel down, the bears expect at least a small second leg sideways to down after the pullback is over.<\/li><li>Al has said that the market has been in a trading range for seven years. It is now near the bottom of the range. Reversals are more likely than breakouts.<\/li><li>Therefore, as strong as the sell-off has been, it is still more likely a bear leg in the seven-year trading range than a resumption of the 15-year bear trend.<\/li><li>Because of the market context (parabolic wedge, trend channel line overshoot, 7-year trading range low), the EURUSD likely have begun a 2-legged sideways to up pullback (bounce).<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Daily<\/em> EURUSD chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Daily-Minor-Pullback-Testing-Breakout-Point.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Daily-Minor-Pullback-Testing-Breakout-Point-680x383.png\" alt=\"EURUSD Forex Daily Chart Minor Pullback Testing Breakout Point\" class=\"wp-image-152550\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Daily-Minor-Pullback-Testing-Breakout-Point-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Daily-Minor-Pullback-Testing-Breakout-Point-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Daily-Minor-Pullback-Testing-Breakout-Point-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Daily-Minor-Pullback-Testing-Breakout-Point-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Daily-Minor-Pullback-Testing-Breakout-Point.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>The EURUSD continued higher this week closing far above the May 5 high. Wednesday pulled back slightly followed by a retest of the May 24 high by Friday.<\/li><li>Last week, we said that the pullback may have already begun. The bulls will need to create consecutive bull bars closing near the high trading far above May 5 high to convince traders that a deeper pullback may be underway.<\/li><li>The reversal up started after a failed breakout below the 10-day final flag and a test of the 2017 low.<\/li><li>The move up has been in a tight bull channel. The bears did not get any consecutive bear bars in the leg up.<\/li><li>The next targets for the bulls are the April 21 high and the bear trend line.<\/li><li>We have said that the bulls hope that the sell-off since March was simply a sell vacuum test of the 2017 low. They want a reversal higher from a trend channel line overshoot and a parabolic wedge (April 14, April 28, and May 13) around the 2017 low. They want at least a 2 legged sideways to up pullback.<\/li><li>So far, they have the first leg up.<\/li><li>The bears hope that this is simply a minor pullback to be followed by a re-test of 2017 low and a measured move down based on the height of the 7-year trading range.<\/li><li>The bears want the pullback to stall around the April low, which was the breakout point for the last leg down. They want a reversal lower from a lower high.<\/li><li>Friday closed as a bull doji. It is not a strong buy signal bar for Monday.<\/li><li>We have said that the sell-off since March 31 was in a tight bear channel. It means the bears are strong.\u00a0<\/li><li>Odds are, there should be at least a small second leg sideways to down once this pullback is over. This remains true.<\/li><li>However, the selling has been climactic. The parabolic wedge and trend channel overshoot increase the odds that the current sideways to up pullback would last for at least another 1- to 2-weeks.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You can access all weekend reports on the <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">Market Analysis<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n<p>The sell-off since March was very strong. Traders expect at least a small second leg sideways to down after the pullback is over.<\/p>\n","protected":false},"author":2836,"featured_media":152547,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[1842,136],"tags":[1343,281],"class_list":["post-152424","post","type-post","status-publish","format-standard","has-post-thumbnail","category-forex","category-analysis","tag-consecutive-bull-bars","tag-eurusd-forex","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/05\/EURUSD-Weekly-Consecutive-Bull-Bar-Testing-BO-Point.png","author_info":{"display_name":"Andrew","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/andrewa\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/152424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/2836"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=152424"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/152424\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/152547"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=152424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=152424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=152424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}