EURUSD Forex market <\/h2>\n\n\n\nThe Weekly<\/em> EURUSD chart<\/h3>\n\n\n\n![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/09\/EURUSD-Weekly-Pullback-Following-Test-of-Bear-Trendline-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the\u00a0weekly EURUSD Forex chart<\/a>\u00a0was a bear bar with prominent tails above and below.\u00a0<\/li>
- Last week, we said that the EURUSD slightly favor sideways to up and traders will be watching if the bulls can create sustained follow-through buying. If they can, it can lead to a larger 2-legged sideways to up pullback lasting many weeks.<\/li>
- This week traded higher but reversed into a bear bar but closed off the low.<\/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. This will take them to the year 2000 low.<\/li>
- The move down is in a tight bear channel. That means strong bears.\u00a0<\/li>
- The bears got the second leg sideways to down in August after the recent pullback. However, they did not get follow-through selling below July low.<\/li>
- This week, the bears manage to create a reversal lower from the bear trend line. They want a retest of Sept 6 low from a double top bear flag (Aug 10 and Sept 12).<\/li>
- The bears will need to create a follow-through bear bar to increase the odds of the EURUSD trading lower.<\/li>
- The bulls hope that the recent 4-week tight trading range pullback is the final flag of the move down which started in February 2022. They want a failed breakout below the 7-year trading range.\u00a0<\/li>
- They want a reversal higher from a wedge bottom (Mar 4, May 13 and July 14) and a double bottom with the July low (July 14 and Sept 6).<\/li>
- The bulls also have a micro wedge (July 14, Aug 23 and Sept 6).<\/li>
- However, the bulls failed to get follow-through buying again this week, a recurring theme since the selloff started in 2021.<\/li>
- The bulls hope that this week was simply a pullback and wants at least a small second leg sideways to up closing above the bear trend line.<\/li>
- Since this week was a bear bar, it is a sell signal bar for next week. However, the prominent tail below makes it a slightly weaker sell signal bar.<\/li>
- Traders will be monitoring if the bears get a follow-through bear bar next week or fail to do so. If they get that, the odds of a retest of Sept 6 low and a breakout attempt increases.<\/li>
- For now, the EURUSD may still be the sideways to up pullback phase.<\/li><\/ul>\n\n\n\n
The Daily<\/em> EURUSD chart<\/h3>\n\n\n\n![\"EUSUD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/09\/EURUSD-Daily-Sideways-Trading-Range-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- The EURUSD traded higher on Monday but did not close above the bear trend line. Tuesday sold off below the 20-day exponential moving average followed by sideways trading from Wednesday to Friday.<\/li>
- Last week, we said that odds slightly favor sideways to up. If the EURUSD reverses lower from a double top bear flag (Aug 31 and Sept 9) breaking below Sept 6 low, odds are it would not go far and would reverse higher within a couple of weeks.<\/li>
- The bulls want a failed breakout below the 7-year trading range.<\/li>
- They hope that the recent 4-week tight trading range pullback is the final flag of the move down which started in February. <\/li>
- The bulls want a reversal higher from a wedge bottom (Mar 4, May 13 and July 14) and a double bottom with the July low (July 14 and August 23).<\/li>
- The bulls also have a smaller wedge (July 14, Aug 23 and Sept 6).<\/li>
- They need to create strong consecutive bull bars closing near their highs breaking far above the bear trend line to increase the odds of a test of the August 10 high.<\/li>
- The bears want a continuation down and a measured move down based on the height of the 7-year trading range. That would take them to the year 2000 low.<\/li>
- They got a second leg sideways to down testing July low and want a breakout and a measured move down.<\/li>
- However, they have not been able to create follow-through selling below the July low.<\/li>
- The bears want another leg lower following Tuesday\u2019s strong leg down re-testing Sept low.<\/li>
- While the EURUSD may still trade lower, the selling has been climactic and relentless since it started in Jan 2021. Odds favor a larger 2-legged sideways to up pullback lasting many weeks before the EURUSD trades much lower.<\/li>
- If the EURUSD reverses lower from a double top bear flag (Aug 10 and Sept 12) breaking below Sept 6 low, odds are it would not go too far and would reverse higher within a couple of weeks.<\/li>
- For now, odds slightly favor the EURUSD to still be in the sideways to up pullback phase.<\/li><\/ul>\n\n\n\n
Market analysis reports archive<\/h3>\n\n\n\n
![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/09\/EURUSD-Weekly-Pullback-Following-Test-of-Bear-Trendline.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the\u00a0weekly EURUSD Forex chart<\/a>\u00a0was a bear bar with prominent tails above and below.\u00a0<\/li>
- Last week, we said that the EURUSD slightly favor sideways to up and traders will be watching if the bulls can create sustained follow-through buying. If they can, it can lead to a larger 2-legged sideways to up pullback lasting many weeks.<\/li>
- This week traded higher but reversed into a bear bar but closed off the low.<\/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. This will take them to the year 2000 low.<\/li>
- The move down is in a tight bear channel. That means strong bears.\u00a0<\/li>
- The bears got the second leg sideways to down in August after the recent pullback. However, they did not get follow-through selling below July low.<\/li>
- This week, the bears manage to create a reversal lower from the bear trend line. They want a retest of Sept 6 low from a double top bear flag (Aug 10 and Sept 12).<\/li>
- The bears will need to create a follow-through bear bar to increase the odds of the EURUSD trading lower.<\/li>
- The bulls hope that the recent 4-week tight trading range pullback is the final flag of the move down which started in February 2022. They want a failed breakout below the 7-year trading range.\u00a0<\/li>
- They want a reversal higher from a wedge bottom (Mar 4, May 13 and July 14) and a double bottom with the July low (July 14 and Sept 6).<\/li>
- The bulls also have a micro wedge (July 14, Aug 23 and Sept 6).<\/li>
- However, the bulls failed to get follow-through buying again this week, a recurring theme since the selloff started in 2021.<\/li>
- The bulls hope that this week was simply a pullback and wants at least a small second leg sideways to up closing above the bear trend line.<\/li>
- Since this week was a bear bar, it is a sell signal bar for next week. However, the prominent tail below makes it a slightly weaker sell signal bar.<\/li>
- Traders will be monitoring if the bears get a follow-through bear bar next week or fail to do so. If they get that, the odds of a retest of Sept 6 low and a breakout attempt increases.<\/li>
- For now, the EURUSD may still be the sideways to up pullback phase.<\/li><\/ul>\n\n\n\n
The Daily<\/em> EURUSD chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- The EURUSD traded higher on Monday but did not close above the bear trend line. Tuesday sold off below the 20-day exponential moving average followed by sideways trading from Wednesday to Friday.<\/li>
- Last week, we said that odds slightly favor sideways to up. If the EURUSD reverses lower from a double top bear flag (Aug 31 and Sept 9) breaking below Sept 6 low, odds are it would not go far and would reverse higher within a couple of weeks.<\/li>
- The bulls want a failed breakout below the 7-year trading range.<\/li>
- They hope that the recent 4-week tight trading range pullback is the final flag of the move down which started in February. <\/li>
- The bulls want a reversal higher from a wedge bottom (Mar 4, May 13 and July 14) and a double bottom with the July low (July 14 and August 23).<\/li>
- The bulls also have a smaller wedge (July 14, Aug 23 and Sept 6).<\/li>
- They need to create strong consecutive bull bars closing near their highs breaking far above the bear trend line to increase the odds of a test of the August 10 high.<\/li>
- The bears want a continuation down and a measured move down based on the height of the 7-year trading range. That would take them to the year 2000 low.<\/li>
- They got a second leg sideways to down testing July low and want a breakout and a measured move down.<\/li>
- However, they have not been able to create follow-through selling below the July low.<\/li>
- The bears want another leg lower following Tuesday\u2019s strong leg down re-testing Sept low.<\/li>
- While the EURUSD may still trade lower, the selling has been climactic and relentless since it started in Jan 2021. Odds favor a larger 2-legged sideways to up pullback lasting many weeks before the EURUSD trades much lower.<\/li>
- If the EURUSD reverses lower from a double top bear flag (Aug 10 and Sept 12) breaking below Sept 6 low, odds are it would not go too far and would reverse higher within a couple of weeks.<\/li>
- For now, odds slightly favor the EURUSD to still be in the sideways to up pullback phase.<\/li><\/ul>\n\n\n\n
Market analysis reports archive<\/h3>\n\n\n\n