{"id":174294,"date":"2023-03-26T01:30:00","date_gmt":"2023-03-26T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=174294"},"modified":"2023-03-26T02:27:48","modified_gmt":"2023-03-26T09:27:48","slug":"eurusd-weak-breakout","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-weak-breakout\/","title":{"rendered":"EURUSD Weak Breakout from OO"},"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 weekly candlestick was a EURUSD weak breakout from an OO (outside-outside) pattern. The bulls will need to create follow-through buying to increase the odds of a retest of the February high. The bears want a failed breakout above the OO pattern and a breakout below instead. They want a reversal down from a lower high major trend reversal.\u00a0<\/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-BO-above-OO-DT-LH-MTR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-BO-above-OO-DT-LH-MTR-680x383.png\" alt=\"EURUSD Weak Breakout above OO, DT, LH MTR on Weekly Chart\" class=\"wp-image-174484\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-BO-above-OO-DT-LH-MTR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-BO-above-OO-DT-LH-MTR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-BO-above-OO-DT-LH-MTR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-BO-above-OO-DT-LH-MTR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-BO-above-OO-DT-LH-MTR.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 with a long tail above.<\/li>\n\n\n\n<li>Last week, we said that traders will wait for a <a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-oo-pattern\/\" target=\"_blank\" rel=\"noreferrer noopener\">breakout from either direction of the OO (outside-outside) pattern<\/a> with follow-through price action for more clarity.<\/li>\n\n\n\n<li>This week broke above the OO pattern, but the weekly candlestick closed below the middle of its range. It has the look of a reversal bar.<\/li>\n\n\n\n<li>The bears want a second leg sideways to down from a lower high major trend reversal. They see the last 3 weeks as forming a micro wedge (Mar 7, Mar 15, and Mar 23).<\/li>\n\n\n\n<li>The next targets for the bears are the March 15 low and January 6 low.&nbsp;<\/li>\n\n\n\n<li>The bears understand that the first breakout from an OO pattern has a 50% chance of failure.<\/li>\n\n\n\n<li>They will need to create follow-through selling next week to increase the odds of lower prices.<\/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. It is happening now.<\/li>\n\n\n\n<li>They got a reversal up from a double bottom bull flag with January 6 low to retest near the February high.<\/li>\n\n\n\n<li>This week formed a lower high and the bulls did not get a strong bull bar.<\/li>\n\n\n\n<li>The bulls need to create follow-through buying to increase the odds of a retest of the February high.<\/li>\n\n\n\n<li>If the EURUSD trades lower, the bulls want the 20-week exponential moving average to remain as support.<\/li>\n\n\n\n<li>Since this week was a bull bar closing below the middle of its range with a long tail above, it is not a strong buy signal bar.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a follow-through bull bar or will the bears create a failed breakout of the OO pattern instead.<\/li>\n\n\n\n<li>The recent weeks had a lot of overlapping candlesticks, tails and dojis which indicates poor follow-through and reversals.<\/li>\n\n\n\n<li>Those are hallmarks of trading range activities.&nbsp;<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) until there is a strong breakout from either direction with follow-through buying\/selling.<\/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-Wedge-LH-MTR-or-New-BO.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Wedge-LH-MTR-or-New-BO-680x383.png\" alt=\"EURUSD Daily: Triangle, Wedge, LH MTR or New BO?\" class=\"wp-image-174487\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Wedge-LH-MTR-or-New-BO-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Wedge-LH-MTR-or-New-BO-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Wedge-LH-MTR-or-New-BO-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Wedge-LH-MTR-or-New-BO-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Triangle-Wedge-LH-MTR-or-New-BO.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD traded higher in the first half of the week. Thursday traded higher but reversed into a bear reversal bar closing near its low with follow-through selling on Friday.<\/li>\n\n\n\n<li>Last week, we said that traders will wait for a breakout from either direction of the triangle with follow-through price action for more clarity.<\/li>\n\n\n\n<li>This week broke above the triangle with some follow-through buying. Is this a breakout of the triangle or another leg within a larger expanding triangle?<\/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 want a second leg sideways to down from a lower high major trend reversal (with Feb high) and a wedge bear flag (Mar 7, Mar 15, and Mar 23).<\/li>\n\n\n\n<li>The next targets for the bears are the March 15 low and January 6 low.<\/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 to convince traders of a deeper selloff.<\/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>They want a larger second leg sideways to up from a double bottom bull flag with January 6 low. They got that this week.<\/li>\n\n\n\n<li>The second leg up has a lot of overlapping candlesticks which indicates that the bulls are not yet very strong.<\/li>\n\n\n\n<li>The bulls hope that Thursday and Friday were simply a pullback. They want another leg higher to retest and breakout above the February high.&nbsp;<\/li>\n\n\n\n<li>For now, the EURUSD may be forming a larger expanding triangle.<\/li>\n\n\n\n<li>If the bears get follow-through selling next week, it could be a continuation of the triangle pattern.<\/li>\n\n\n\n<li>Since the EURUSD is in a trading range, traders will BLSH (Buy Low, Sell High) until there is a strong breakout from either direction.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>It may be slightly more helpful to see the current move up from March 15 low as a bull leg within a trading range, which will be followed by a bear leg thereafter.<\/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\u00a0EURUSD\u00a0Forex weekly candlestick was a EURUSD weak breakout from an OO (outside-outside) pattern. The bulls will need to create follow-through buying to increase the odds of a retest of the February high. The bears want a failed breakout above the OO pattern and a breakout below instead. They want a reversal [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":174484,"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":[333,281,1358],"class_list":["post-174294","post","type-post","status-publish","format-standard","has-post-thumbnail","category-forex","category-analysis","tag-breakout","tag-eurusd-forex","tag-outside-outside-pattern","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Weekly-BO-above-OO-DT-LH-MTR.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\/174294","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=174294"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/174294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/174484"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=174294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=174294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=174294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}