{"id":178700,"date":"2023-05-21T01:30:00","date_gmt":"2023-05-21T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=178700"},"modified":"2023-05-21T04:01:50","modified_gmt":"2023-05-21T11:01:50","slug":"eurusd-pullback-to-20-week-ema","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-pullback-to-20-week-ema\/","title":{"rendered":"EURUSD Pullback to 20-Week EMA"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The&nbsp;<strong>EURUSD&nbsp;<\/strong>Forex pullback to the 20-week EMA (exponential moving average) on the weekly chart. The bears got follow-through selling following last week&#8217;s big bear bar. They want a retest of the March low. The bulls hope to get at least a retest of the April high after the current pullback. They want the 20-week exponential moving average to act as support.&nbsp;<\/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\/05\/EURUSD-Weekly-PB-to-20-EMA-HL-or-Retest-March-Low.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Weekly-PB-to-20-EMA-HL-or-Retest-March-Low-680x383.png\" alt=\"EURUSD Weekly: pullback-to-20-week-ema, HL or Retest March Low?\" class=\"wp-image-178879\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Weekly-PB-to-20-EMA-HL-or-Retest-March-Low-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Weekly-PB-to-20-EMA-HL-or-Retest-March-Low-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Weekly-PB-to-20-EMA-HL-or-Retest-March-Low-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Weekly-PB-to-20-EMA-HL-or-Retest-March-Low-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Weekly-PB-to-20-EMA-HL-or-Retest-March-Low.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 small bear bar with prominent tails above and below.<\/li>\n\n\n\n<li>Last week, we said that odds slightly favor the EURUSD to trade at least a little lower, possibly testing the 20-week exponential moving average.<\/li>\n\n\n\n<li>This week pullback to the 20-week EMA (exponential moving average) but did not close below it.<\/li>\n\n\n\n<li>The bears got a reversal down from a higher high major trend reversal and failed breakout above the February 2 high.<\/li>\n\n\n\n<li>They got a follow-through bear bar following last week\u2019s reversal down and want a retest of the March 15 low.<\/li>\n\n\n\n<li>The bears will need to continue creating follow-through selling breaking far below the 20-week exponential moving average to increase the odds of a reversal down.<\/li>\n\n\n\n<li>The move up from March 15 was in a tight bull channel which means strong bulls.&nbsp;<\/li>\n\n\n\n<li>The bulls got breakouts above the February 2 high in April and May; 3 times (a wedge \u2013 Apr 14, Apr 26, and May 3) but did not get sustained follow-through buying.<\/li>\n\n\n\n<li>When the market does something a few times and fails, it will then do the opposite. The EURUSD stalled and has started the pullback phase.<\/li>\n\n\n\n<li>The bulls hope to get at least a retest of the April high after the current pullback.<\/li>\n\n\n\n<li>They want the 20-week exponential moving average to act as support.&nbsp;<\/li>\n\n\n\n<li>If the EURUSD trades much lower, they want a reversal up from a double-bottom bull flag with the March low.&nbsp;<\/li>\n\n\n\n<li>They want another big leg up completing the wedge pattern with the first two legs being February 2 and April 26.<\/li>\n\n\n\n<li>Since this week was a bear bar closing below the middle of its range, it is a sell signal bar for next week.&nbsp;<\/li>\n\n\n\n<li>The prominent tail below makes it a weaker signal bar, especially since it is sitting at potential support.<\/li>\n\n\n\n<li>For now, the odds slightly favor a small second leg sideways to down after a pullback.<\/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\/05\/EURUSD-Daily-Start-of-PB-Tight-Bear-Channel.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Daily-Start-of-PB-Tight-Bear-Channel-680x383.png\" alt=\"EURUSD Daily: Start of PB, Tight Bear Channel\" class=\"wp-image-178882\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Daily-Start-of-PB-Tight-Bear-Channel-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Daily-Start-of-PB-Tight-Bear-Channel-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Daily-Start-of-PB-Tight-Bear-Channel-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Daily-Start-of-PB-Tight-Bear-Channel-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Daily-Start-of-PB-Tight-Bear-Channel.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD pulled back slightly earlier in the week and then formed a second leg sideways to down for the rest of the week. Friday traded slightly lower but reverse to close as a bull bar with a prominent tail above.<\/li>\n\n\n\n<li>Last week, we said that odds slightly favor the EURUSD to be in the pullback phase, and for a second leg sideways to down after a small pullback.<\/li>\n\n\n\n<li>The bears got a reversal down from a higher high major trend reversal (with Feb high), a wedge (Mar 23, April 4, and April 14) and a micro wedge (April 14, April 26, and May 3).<\/li>\n\n\n\n<li>The pullback is in a tight bear channel breaking far below the 20-day exponential moving average.<\/li>\n\n\n\n<li>The move down is strong enough for traders to expect at least a small second leg sideways to down after a slightly larger pullback.<\/li>\n\n\n\n<li>Traders expect at least TBTL (Ten Bars, Two Legs) in the pullback phase. The pullback currently has 10 bars (candlesticks).<\/li>\n\n\n\n<li>The bulls hope the pullback will form a higher low.&nbsp;<\/li>\n\n\n\n<li>They want another strong leg up completing the wedge pattern with the first two legs being February 2 and April 26.<\/li>\n\n\n\n<li>At the very least, they want a small leg retesting the current leg extreme high (April 26) after the pullback.<\/li>\n\n\n\n<li>They want a reversal up from a parabolic wedge (May 9, May 15, and May 19).<\/li>\n\n\n\n<li>Because of the tight channel down, the bulls will need a strong reversal bar or at least a micro double bottom before they would be willing to buy more aggressively.<\/li>\n\n\n\n<li>If the EURUSD trades much lower, they want a reversal up from a larger double-bottom bull flag with the March low.<\/li>\n\n\n\n<li>The move down since May 4 is in a tight bear channel. That means strong bears.<\/li>\n\n\n\n<li>While Friday was a bull bar closing above the middle of its range, it has a prominent tail above. It is also following a tight bear channel. It is not an ideal buy setup.<\/li>\n\n\n\n<li>For now, odds slightly favor at least a small second leg sideways to down after a slightly larger pullback.<\/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&nbsp;EURUSD&nbsp;Forex pullback to the 20-week EMA (exponential moving average) on the weekly chart. The bears got follow-through selling following last week&#8217;s big bear bar. They want a retest of the March low. The bulls hope to get at least a retest of the April high after the current pullback. They want [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":178879,"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],"class_list":{"0":"post-178700","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":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/EURUSD-Weekly-PB-to-20-EMA-HL-or-Retest-March-Low.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\/178700","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=178700"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/178700\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/178879"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=178700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=178700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=178700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}