{"id":173761,"date":"2023-03-19T01:30:00","date_gmt":"2023-03-19T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=173761"},"modified":"2023-03-18T23:19:51","modified_gmt":"2023-03-19T06:19:51","slug":"eurusd-oo-pattern","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-oo-pattern\/","title":{"rendered":"EURUSD OO Pattern but Dojis"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>EURUSD <\/strong>Forex weekly chart formed an EURUSD OO pattern above the 20-week exponential moving average. So far, the bears have not yet been able to create follow-through selling below the 20-week EMA. The bulls want a second leg sideways to up but so far, have not yet been able to create consecutive bull bars.<\/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\/2023\/03\/EURUSD-Weekly-OO-TR-Stall-at-20-Week-EMA.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-OO-TR-Stall-at-20-Week-EMA-680x383.png\" alt=\"EURUSD OO pattern, TR, Stall at 20-Week EMA on Weekly Chart\" class=\"wp-image-173948\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-OO-TR-Stall-at-20-Week-EMA-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-OO-TR-Stall-at-20-Week-EMA-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-OO-TR-Stall-at-20-Week-EMA-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-OO-TR-Stall-at-20-Week-EMA-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-OO-TR-Stall-at-20-Week-EMA.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 consecutive outside doji closing above the middle of its range.<\/li>\n\n\n\n<li>Last week, we said that traders will see if the bears can get a strong break below the 20-week EMA or will the bulls get a follow-through bull bar.<\/li>\n\n\n\n<li>This week traded below the 20-week exponential moving average but reversed to close above it again, forming an OO (outside-outside) pattern,<\/li>\n\n\n\n<li>The last 4 candlesticks are mostly overlapping and stalling above the 20-week exponential moving average.<\/li>\n\n\n\n<li>The bears got a reversal down testing the 20-week exponential moving average from a wedge top (Nov 15, Dec 5 and Feb 2).<\/li>\n\n\n\n<li>They want a second leg sideways to down from a lower high major trend reversal (Mar 15).<\/li>\n\n\n\n<li>The next targets for the bears are the January 6 low and the November 21 low.&nbsp;<\/li>\n\n\n\n<li>The bears need to create consecutive bear bars trading far below the 20-week exponential moving average to convince traders that a retest of the September low is underway.<\/li>\n\n\n\n<li>If the bears do not create strong follow-through selling below the 20-week exponential moving average within a few weeks, the market will likely do the opposite and attempt to retest February high instead. This remains true.<\/li>\n\n\n\n<li>If the EURUSD trades higher, they want a reversal down from a lower high major trend reversal or a double top with the February high.<\/li>\n\n\n\n<li>The bulls got a strong spike and channel up from September 2022 and the market may have flipped into Always In Long.&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 the current pullback.&nbsp;<\/li>\n\n\n\n<li>So far, the second leg sideways to up is weak with overlapping candlesticks.<\/li>\n\n\n\n<li>They hope to get a reversal up from a double bottom bull flag with January 6 low. They will need to create strong consecutive bull bars closing near their highs to convince traders that a retest of the February high is underway.<\/li>\n\n\n\n<li>The bulls want the 20-week exponential moving average to remain as support.<\/li>\n\n\n\n<li>They need to create strong consecutive bull bars closing near their highs to increase the odds of a retest of the February 2 high.<\/li>\n\n\n\n<li>If the EURUSD trades lower, the bulls want a reversal up from a higher low major trend reversal.<\/li>\n\n\n\n<li>An OO (outside-outside) pattern means the EURUSD is in breakout mode. However, both candlesticks are dojis within a tight trading range. The EURUSD is in an area of balance.<\/li>\n\n\n\n<li>Traders will wait for a breakout from either direction with follow-through price action for more clarity.<\/li>\n\n\n\n<li>For now, traders will see if the 20-week exponential moving average continues to act as support or will the bears get a break below instead.<\/li>\n<\/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\/2023\/03\/EURUSD-Daily-Triangle-Trading-Range-DT-Bear-Flag.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Trading-Range-DT-Bear-Flag-680x383.png\" alt=\"EURUSD Daily: Triangle, Trading Range, DT Bear Flag\" class=\"wp-image-173951\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Trading-Range-DT-Bear-Flag-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Trading-Range-DT-Bear-Flag-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Trading-Range-DT-Bear-Flag-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Trading-Range-DT-Bear-Flag-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Trading-Range-DT-Bear-Flag.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD continue to trade sideways around the 20-day exponential moving average forming a small expanding triangle.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-pullback-stalled\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week, we said that traders<\/a> will see if the bears can create strong follow-through selling breaking far below the 3-week trading range and if they continue failing to do so, odds will swing in favor of a retest of the February high within a couple of weeks.<\/li>\n\n\n\n<li>This week broke above and below the trading range with no follow-through price action.<\/li>\n\n\n\n<li>The bears see the move up since September as a 50% pullback of the selloff which started in May 2021.<\/li>\n\n\n\n<li>They got a pullback testing January 6 low from a wedge top. They want a second leg sideways to down from a lower high major trend reversal (Mar 15) and a double top bear flag (Mar 7 and Mar 15).<\/li>\n\n\n\n<li>The next targets for the bears are the January 6 low and the November 21 low which was the start of the bull channel.<\/li>\n\n\n\n<li>The bears need to create consecutive bear bars closing near their lows trading far below the January 6 low and November 21 low to convince traders that a retest of the September low could be underway.<\/li>\n\n\n\n<li>The bulls got a strong spike &amp; channel up from October.<\/li>\n\n\n\n<li>The move up was strong enough to have flipped the market into Always In Long.&nbsp;<\/li>\n\n\n\n<li>The bulls want a larger second leg sideways to up to retest February high from a higher low major trend reversal and a double bottom bull flag with January 6 low.<\/li>\n\n\n\n<li>So far, the second leg sideways to up is weak with a lot of overlapping candlesticks.<\/li>\n\n\n\n<li>The bulls need to create consecutive bull bars closing near their highs breaking far above the March 15 high to increase the odds of a retest of the February high.<\/li>\n\n\n\n<li>The EURUSD formed a small expanding triangle around the 20-day exponential moving average which is a breakout mode pattern.<\/li>\n\n\n\n<li>Traders will wait for a breakout from either direction with follow-through price action for more clarity.<\/li>\n\n\n\n<li>If the bears continue to fail to break below January 6 low, odds will swing in favor of a retest of the February high within a couple of weeks.<\/li>\n<\/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 has-css-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: EURUSD Forex The EURUSD Forex weekly chart formed an EURUSD OO pattern above the 20-week exponential moving average. So far, the bears have not yet been able to create follow-through selling below the 20-week EMA. The bulls want a second leg sideways to up but so far, have not yet been able to [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":173948,"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":[281,1359],"class_list":["post-173761","post","type-post","status-publish","format-standard","has-post-thumbnail","category-forex","category-analysis","tag-eurusd-forex","tag-oo-pattern","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-OO-TR-Stall-at-20-Week-EMA.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\/173761","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=173761"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/173761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/173948"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=173761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=173761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=173761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}