{"id":156651,"date":"2022-07-24T01:30:00","date_gmt":"2022-07-24T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=156651"},"modified":"2022-07-24T01:52:39","modified_gmt":"2022-07-24T08:52:39","slug":"eurusd-wedge-bottom-pullback","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-wedge-bottom-pullback\/","title":{"rendered":"EURUSD sideways at wedge bottom pullback"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The <strong>EURUSD <\/strong>Forex broke below the 2017 low with follow-through selling recently. The bulls want a reversal higher from a wedge bottom pullback (Mar 4, May 13 and July 14 wedge) 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. <\/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 chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Weekly-Sideways-to-up-Pullback.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Weekly-Sideways-to-up-Pullback-680x383.png\" alt=\"EURUSD Forex Weekly Chart Pullback Sideways to Up. Wedge bottom pullback.\" class=\"wp-image-156802\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Weekly-Sideways-to-up-Pullback-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Weekly-Sideways-to-up-Pullback-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Weekly-Sideways-to-up-Pullback-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Weekly-Sideways-to-up-Pullback-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Weekly-Sideways-to-up-Pullback.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\u00a0<a href=\"https:\/\/www.investing.com\/currencies\/eur-usd\" target=\"_blank\" rel=\"noreferrer noopener\">weekly EURUSD Forex chart<\/a>\u00a0was a bull bar with a prominent tail above.\u00a0<\/li><li>Last week, we said that the sell-off has been climactic and the wedge bottom and trend channel line overshoot increases the odds of at least a small sideways to up pullback beginning within 1-3 weeks before the EURUSD continue lower. This week was the wedge bottom pullback.<\/li><li>The bears want a strong breakout below the 2017 low and a measured move down based on the height of the 7-year trading range which will take them to the year 2000 low.<\/li><li>We have said if the bears get at least 2 strong bear bars closing below the 2017 low, the odds of a breakout and a measured move increase. They got that recently.<\/li><li>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.<\/li><li>The bulls hope the sell-off since March was a sell vacuum test of the 7-year trading range low.\u00a0<\/li><li>They want a reversal higher from a wedge bottom (Mar 4, May 13 and July 14) and a trend channel line overshoot.<\/li><li>The bulls hope that the recent 10-week trading range is the final flag of the move down which started in 2021. They want a failed breakout below the 7-year trading range.<\/li><li>The bulls will need to create a consecutive bull bar next week to increase the odds of a test back into the potential 10-week final flag.<\/li><li>For now, odds are the EURUSD is in the two-legged sideways to up pullback phase.<\/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\/07\/EURUSD-Daily-Sideways-to-up-Pullback.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Daily-Sideways-to-up-Pullback-680x383.png\" alt=\"EURUSD Forex Daily Chart Sideways to Up Pullback\" class=\"wp-image-156805\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Daily-Sideways-to-up-Pullback-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Daily-Sideways-to-up-Pullback-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Daily-Sideways-to-up-Pullback-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Daily-Sideways-to-up-Pullback-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Daily-Sideways-to-up-Pullback.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>The EURUSD traded higher from Monday to Tuesday but stalled around the 20-day exponential moving average for the rest of the week.<\/li><li>Last week, we said that the wedge bottom and trend channel line overshoot increases the odds of at least a small 2-legged sideways to up pullback beginning within 1-3 weeks. The pullback begun last week.<\/li><li>The bulls hope that the 10-week trading range is the final flag of the move down since 2021. They want a failed breakout below the 7-year trading range.\u00a0<\/li><li>The bulls want a reversal higher from a wedge bottom pullback (Mar 4, May 13 and July 14 wedge) and a trend channel line overshoot.<\/li><li>They will need to create consecutive bull bars closing near their highs to increase the odds of a failed breakout.<\/li><li>The 20-day exponential moving average and bear trend line are resistances above.<\/li><li>The bears want a measured move down based on the height of the 7-year trading range. That would take them to the year 2000 low.<\/li><li>The move down since July is in a tight bear channel. That means strong bears. Traders expect at least a small second leg sideways to down after a larger pullback.<\/li><li>Bears want the pullback to be more sideways and stall around the 20-day exponential moving average or the bear trend line.<\/li><li>Since Friday was a doji bar with a long tail below following a tight channel up from July 17 Low, it is a weak sell signal bar for Monday.<\/li><li>For now, the EURUSD may still be in the two-legged sideways to up pullback phase.<\/li><li>Traders expect at least a small second leg sideways to down to re-test the July 14 low after the pullback.\u00a0<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p>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 has-css-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":2836,"featured_media":156802,"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":[281,1347,1398],"class_list":{"0":"post-156651","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-forex","8":"category-analysis","9":"tag-eurusd-forex","10":"tag-pullback","11":"tag-wedge-bottom","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Weekly-Sideways-to-up-Pullback.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\/156651","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=156651"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/156651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/156802"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=156651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=156651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=156651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}