{"id":181700,"date":"2023-06-25T01:30:00","date_gmt":"2023-06-25T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=181700"},"modified":"2023-06-24T09:41:08","modified_gmt":"2023-06-24T16:41:08","slug":"eurusd-pullback","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-pullback\/","title":{"rendered":"EURUSD Pullback or LH MTR?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The <strong>EURUSD <\/strong>pullback on the weekly chart following last week&#8217;s close above the 20-week exponential moving average. The bulls did not get a follow-through buying. They hope that this week is simply a pullback and want another leg higher after the pullback. The bears want a reversal down from a lower high major trend reversal and a head and shoulders top.<\/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\/06\/EURUSD-Weekly-No-Bull-Follow-through-LH-MTR-or-PB.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-No-Bull-Follow-through-LH-MTR-or-PB-680x383.png\" alt=\"EURUSD Pullback: No Bull Follow-through, LH MTR or PB?\" class=\"wp-image-181864\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-No-Bull-Follow-through-LH-MTR-or-PB-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-No-Bull-Follow-through-LH-MTR-or-PB-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-No-Bull-Follow-through-LH-MTR-or-PB-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-No-Bull-Follow-through-LH-MTR-or-PB-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-No-Bull-Follow-through-LH-MTR-or-PB.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 bar with prominent tails above and below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-bull-follow-through\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week, we said that <\/a>the odds slightly favor the bull channel resuming in the coming weeks, forming a retest of the April high.<\/li>\n\n\n\n<li>This week traded higher but reversed to close as a bear bar. The bulls did not get follow-through buying.<\/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 retest of the April high after the recent pullback.<\/li>\n\n\n\n<li>The bulls hope that this week is simply a pullback and want another leg higher after the pullback.<\/li>\n\n\n\n<li>The bears got a tight bear channel down to May 31 low.&nbsp;<\/li>\n\n\n\n<li>They were expecting at least a small second leg sideways to down after the current pullback.<\/li>\n\n\n\n<li>However, instead of a weak pullback (bounce), the EURUSD spiked higher.<\/li>\n\n\n\n<li>The bears hope that the rally last week was simply a deep pullback and want a retest of the May 31 low.<\/li>\n\n\n\n<li>They want a reversal down from a lower high major trend reversal and a head and shoulders top.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick was a bear bar with a prominent tail below, it is a weaker sell signal bar.<\/li>\n\n\n\n<li>Traders will see if the bears can create a follow-through bear bar or will the EURUSD form a weak pullback with overlapping bars, doji(s) and bull bars.<\/li>\n\n\n\n<li>If the pullback is weak, the odds will favor a retest of the April high in the coming weeks.<\/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\/06\/EURUSD-Daily-PB-Larger-2nd-Leg-up-or-LH-MTR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-PB-Larger-2nd-Leg-up-or-LH-MTR-680x383.png\" alt=\"EURUSD Daily: PB, Larger 2nd Leg up or LH MTR?\" class=\"wp-image-181867\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-PB-Larger-2nd-Leg-up-or-LH-MTR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-PB-Larger-2nd-Leg-up-or-LH-MTR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-PB-Larger-2nd-Leg-up-or-LH-MTR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-PB-Larger-2nd-Leg-up-or-LH-MTR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-PB-Larger-2nd-Leg-up-or-LH-MTR.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 but reversed higher on Wednesday. Thursday traded higher but reversed into a bear bar with follow-through selling on Friday.<\/li>\n\n\n\n<li>Last week, we said that if there is a pullback, odds slightly favor the pullback to be minor and for at least a second leg sideways to up after the pullback.<\/li>\n\n\n\n<li>The bulls see this week simply as a pullback and want it to be weak (with overlapping bars, doji(s), and bull bars).<\/li>\n\n\n\n<li>They want another larger second leg sideways to up completing the wedge pattern with the first two legs being February 2 and April 26.&nbsp;<\/li>\n\n\n\n<li>At the very least, they want a retest of the prior leg extreme high (April 26).<\/li>\n\n\n\n<li>They want the 20-day exponential moving average to act as support.<\/li>\n\n\n\n<li>The bears got a tight bear channel down from the May high.<\/li>\n\n\n\n<li>They expect at least a small second leg sideways to down after the current pullback (bounce).<\/li>\n\n\n\n<li>At the very least, the bears want a retest of the recent leg low (May 31).<\/li>\n\n\n\n<li>However, instead of a weak pullback (with overlapping bars, doji(s), and bear bars), the bulls got a strong spike up with follow-through buying trading far above the 20-day exponential moving average.<\/li>\n\n\n\n<li>The bears will need to create follow-through selling to increase the odds of a retest of the May 31 low.&nbsp;<\/li>\n\n\n\n<li>Since Friday was a bear bar with a prominent tail below, it is a weaker sell signal bar.<\/li>\n\n\n\n<li>The bears need to break far below the 20-day exponential moving average to convince traders that they are still in control.<\/li>\n\n\n\n<li>For now, odds slightly favor a larger second leg sideways to up after the pullback.<\/li>\n\n\n\n<li>However, if the bears get follow-through selling (consecutive bear bars closing near their lows), the odds will swing in favor of a retest of the May 31 low.<\/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 pullback on the weekly chart following last week&#8217;s close above the 20-week exponential moving average. The bulls did not get a follow-through buying. They hope that this week is simply a pullback and want another leg higher after the pullback. The bears want a reversal down from a lower [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":181864,"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-181700","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\/06\/EURUSD-Weekly-No-Bull-Follow-through-LH-MTR-or-PB.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\/181700","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=181700"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/181700\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/181864"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=181700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=181700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=181700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}