{"id":167487,"date":"2023-01-02T01:30:00","date_gmt":"2023-01-02T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=167487"},"modified":"2023-01-01T23:11:22","modified_gmt":"2023-01-02T07:11:22","slug":"eurusd-bull-follow-through-bar","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-bull-follow-through-bar\/","title":{"rendered":"EURUSD Bull Follow-through Bar"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The <strong>EURUSD <\/strong>Forex December candlestick was a bull follow-through bar following the breakout above the October inside bull bar. Odds slightly favor the EURUSD to trade at least a little higher towards the 20-month exponential moving average. The move up is strong enough for traders to expect at least a second leg sideways to up after a small 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>Monthly<\/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\/2023\/01\/EURUSD-Monthly-Consecutive-Bull-Bar-Closing-near-High.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Monthly-Consecutive-Bull-Bar-Closing-near-High-680x383.png\" alt=\"EURUSD Monthly: Bull Follow-through Bar\" class=\"wp-image-167666\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Monthly-Consecutive-Bull-Bar-Closing-near-High-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Monthly-Consecutive-Bull-Bar-Closing-near-High-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Monthly-Consecutive-Bull-Bar-Closing-near-High-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Monthly-Consecutive-Bull-Bar-Closing-near-High-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Monthly-Consecutive-Bull-Bar-Closing-near-High.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The December monthly EURUSD candlestick was a bull bar closing near its high.&nbsp;<\/li>\n\n\n\n<li>Last month, we said that odds slightly favor the EURUSD to trade at least slightly higher and traders will see if the bulls can create a decent follow-through bull bar in December.&nbsp;<\/li>\n\n\n\n<li>December candlestick broke above the bear trend line and was a good follow-through bull bar.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the 7-year trading range. The EURUSD has reversed back above the 7-year trading range low.<\/li>\n\n\n\n<li>December was the third bull bar since August 2020. Bulls hope that the market has flipped into Always In Long.<\/li>\n\n\n\n<li>The move up since October is strong. Odds favor at least a small second leg sideways to up after a pullback.<\/li>\n\n\n\n<li>The next targets for the bulls are the 20-month exponential moving average which is around the May\/June high and February 10 high.<\/li>\n\n\n\n<li>The bulls need to break far above the 20-month exponential moving average to convince traders that a reversal higher is underway.<\/li>\n\n\n\n<li>The bears want a reversal lower from a double top bear flag with May\/June high around the 20-month exponential moving average.<\/li>\n\n\n\n<li>They want a retest of the September low followed by a breakout and a measured move down.<\/li>\n\n\n\n<li>While the selloff since June 2021 was very strong, it has also lasted a long time and is climactic.<\/li>\n\n\n\n<li>The trend channel line overshoot (September) and parabolic wedge bottom (Nov 24, May 13 and Sept 28), increase the odds of at least a small sideways to up pullback lasting a few months. The pullback started in October and is still underway.<\/li>\n\n\n\n<li>Since December was a bull bar closing near its high following a big bull bar in November, it is a weak sell signal bar and short setup.<\/li>\n\n\n\n<li>The bears will need a strong reversal bar or a micro double top before they would be willing to sell aggressively.<\/li>\n\n\n\n<li>For now, odds slightly favor the EURUSD to trade at least slightly higher.<\/li>\n\n\n\n<li>Traders will see if the bulls manage to close January above the 20-month exponential moving average or will the EURUSD trade higher first but reverse to close January with a bear body.<\/li>\n<\/ul>\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\/2023\/01\/EURUSD-Weekly-Tight-Channel-Up-Consecutive-Bull-Bars.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Weekly-Tight-Channel-Up-Consecutive-Bull-Bars-680x383.png\" alt=\"EURUSD Weekly: Tight Channel Up, Consecutive Bull Bars\" class=\"wp-image-167669\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Weekly-Tight-Channel-Up-Consecutive-Bull-Bars-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Weekly-Tight-Channel-Up-Consecutive-Bull-Bars-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Weekly-Tight-Channel-Up-Consecutive-Bull-Bars-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Weekly-Tight-Channel-Up-Consecutive-Bull-Bars-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Weekly-Tight-Channel-Up-Consecutive-Bull-Bars.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<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 bull bar closing near the high.&nbsp;<\/li>\n\n\n\n<li>Previously, we said that while odds continue to slightly favor sideways to up, it has lasted a long time and is climactic. The wedge pattern increases the odds that we will see at least a small pullback beginning within a couple of weeks.<\/li>\n\n\n\n<li>So far, the EURUSD continues to trade sideways to up in a spike and channel.<\/li>\n\n\n\n<li>Bulls want a failed breakout below the 7-year trading range. The EURUSD has reversed back above the 7-year trading range low.<\/li>\n\n\n\n<li>Since the September low, the bulls have created bigger bull bodies with closes near their highs with follow-through buying, while the bear bars are weak with no follow-through selling.&nbsp;<\/li>\n\n\n\n<li>The move-up is in a tight bull channel. That means strong bulls.<\/li>\n\n\n\n<li>The bulls hope that the market is now Always In Long.&nbsp;<\/li>\n\n\n\n<li>They have also broken above the major bear trend line with follow-through buying.&nbsp;<\/li>\n\n\n\n<li>The strong move up increases the odds of at least a small second leg sideways to up after a pullback.&nbsp;<\/li>\n\n\n\n<li>The bears want a reversal lower from a double top bear flag and a lower high around May\/June high. They also have a wedge pattern (Nov 15, Dec 5 and Dec 15).<\/li>\n\n\n\n<li>The first targets for the bears are the 20-week exponential moving average and the November 21 low which is the start of the channel.<\/li>\n\n\n\n<li>If the EURUSD trades higher next week, they want it to form a double top with December 15 high.<\/li>\n\n\n\n<li>Because of the strong move up, the bears will need a strong reversal bar or at least a micro double top before they would be willing to sell more aggressively.\u00a0<\/li>\n\n\n\n<li>Since this week was a bull bar closing near its high, it is a weak sell signal bar.<\/li>\n\n\n\n<li>While the move up is strong and odds continue to slightly favor sideways to up, it has lasted a long time and is climactic.<\/li>\n\n\n\n<li>The wedge pattern increases the odds that we will see at least a small pullback beginning within a couple of weeks. This remains true.<\/li>\n<\/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>Market Overview: EURUSD Forex The EURUSD Forex December candlestick was a bull follow-through bar following the breakout above the October inside bull bar. Odds slightly favor the EURUSD to trade at least a little higher towards the 20-month exponential moving average. The move up is strong enough for traders to expect at least a second [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":167669,"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],"class_list":{"0":"post-167487","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":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/EURUSD-Weekly-Tight-Channel-Up-Consecutive-Bull-Bars.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\/167487","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=167487"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/167487\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/167669"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=167487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=167487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=167487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}