{"id":179846,"date":"2023-06-04T01:30:00","date_gmt":"2023-06-04T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=179846"},"modified":"2023-06-04T02:33:15","modified_gmt":"2023-06-04T09:33:15","slug":"eurusd-micro-double-top","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-micro-double-top\/","title":{"rendered":"EURUSD Micro Double Top"},"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 traded down in May from a EURUSD micro double top (April and May) and closed below the 20-month exponential moving average. The bears need to create follow-through selling in June to increase the odds of a deeper pullback. The bulls want the broad bull channel to continue up completing the wedge pattern with the first two legs being February 2 and April 26.<\/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\/06\/EURUSD-Monthly-May-Bear-Bar-Bears-Need-Follow-through.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Monthly-May-Bear-Bar-Bears-Need-Follow-through-680x383.png\" alt=\"EURUSD Micro Double Top, March Bull Bar, Overlapping Candlesticks on Monthly Chart.\" class=\"wp-image-180005\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Monthly-May-Bear-Bar-Bears-Need-Follow-through-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Monthly-May-Bear-Bar-Bears-Need-Follow-through-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Monthly-May-Bear-Bar-Bears-Need-Follow-through-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Monthly-May-Bear-Bar-Bears-Need-Follow-through-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Monthly-May-Bear-Bar-Bears-Need-Follow-through.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The May monthly EURUSD candlestick was a big bear bar closing in the lower half of its range.<\/li>\n\n\n\n<li>Last month, we said that the odds will continue to slightly favor sideways to up until the bears can create strong bear bars.<\/li>\n\n\n\n<li>May did not trade above April\u2019s high and broke far below its low, closing below the 20-month exponential moving average.<\/li>\n\n\n\n<li>The bears want a reversal down from a double top with the February high and a micro double top (Apr 26 and May 3).<\/li>\n\n\n\n<li>Previously, the bears were not able to create follow-through selling (in March).<\/li>\n\n\n\n<li>Now, they need to create a follow-through bear bar in June to increase the odds of a deeper pullback.<\/li>\n\n\n\n<li>The bears will need to create consecutive strong bear bars to convince traders that they are back in control.<\/li>\n\n\n\n<li>The bulls got breakouts above the February high in April and May but failed to get sustained follow-through buying.<\/li>\n\n\n\n<li>They hope that the current pullback will form a higher low.<\/li>\n\n\n\n<li>They want another leg up, completing the wedge pattern with the first two legs being February 2 and April 26.<\/li>\n\n\n\n<li>The last 5 candlesticks have a lot of overlapping range but are sloping slightly up. The market is in a smaller broad bull channel following a bull spike from November.<\/li>\n\n\n\n<li>The EURUSD is in a sideways trading range with a slight upside tilt. Traders will BLSH (Buy Low, Sell High) within the trading range.<\/li>\n\n\n\n<li>Since May was a big bear bar closing near its low, it is a sell signal bar for June. June may trade slightly below May\u2019s low.<\/li>\n\n\n\n<li>The bears will need to create a follow-through bear bar to convince traders that a deeper pullback may be underway.<\/li>\n\n\n\n<li>Traders will see if the bears can create a follow-through bear bar or will the market trade slightly lower but close with a long tail below or with a bull 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\/06\/EURUSD-Weekly-Weak-Follow-through-below-20-EMA-HL.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-Weak-Follow-through-below-20-EMA-HL-680x383.png\" alt=\"EURUSD Weekly: Weak Follow-through below 20-EMA, HL?\" class=\"wp-image-180008\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-Weak-Follow-through-below-20-EMA-HL-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-Weak-Follow-through-below-20-EMA-HL-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-Weak-Follow-through-below-20-EMA-HL-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-Weak-Follow-through-below-20-EMA-HL-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-Weak-Follow-through-below-20-EMA-HL.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 bear doji with tails above and below.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor a small second leg sideways to down after a small pullback. Traders want to see if the bears can get a follow-through bear bar following this week\u2019s close below the 20-week EMA.<\/li>\n\n\n\n<li>This week traded below last week\u2019s low but reversed to close slightly above it and around the middle of the week\u2019s range.<\/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. They hope the EURUSD will reverse back above the 20-week exponential moving average soon.<\/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>The current selloff is in a tight bear channel. The bulls will need a strong reversal bar or a micro double bottom before they would be willing to buy aggressively.<\/li>\n\n\n\n<li>The first pullback (bounce) would likely be minor.<\/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 have a 5-bar bear micro channel and want a retest of the March 15 low.<\/li>\n\n\n\n<li>The bear doji closing around the middle of the bar means weak follow-through following last week\u2019s break below the 20-week exponential moving average.<\/li>\n\n\n\n<li>The bears hope that this week was simply a small pullback and want the tight bear channel to continue.<\/li>\n\n\n\n<li>If there is a pullback, the bears want at least a small second leg sideways to down testing the current leg low (May 31).<\/li>\n\n\n\n<li>For now, odds slightly favor a small second leg sideways to down after a small pullback.<\/li>\n\n\n\n<li>Can the EURUSD continue down to March 15 low without a pullback? Yes, that is possible as the bears are still in control.<\/li>\n\n\n\n<li>The bulls will only be willing to buy more aggressively when they have a strong signal bar such as a strong bull reversal bar or at least a micro double bottom.<\/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 traded down in May from a EURUSD micro double top (April and May) and closed below the 20-month exponential moving average. The bears need to create follow-through selling in June to increase the odds of a deeper pullback. The bulls want the broad bull channel to continue up [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":180008,"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":[281,1396],"class_list":["post-179846","post","type-post","status-publish","format-standard","has-post-thumbnail","category-forex","category-analysis","tag-eurusd-forex","tag-micro-double-top","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-Weak-Follow-through-below-20-EMA-HL.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\/179846","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=179846"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/179846\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/180008"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=179846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=179846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=179846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}