{"id":182833,"date":"2023-07-09T01:30:00","date_gmt":"2023-07-09T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=182833"},"modified":"2023-07-09T05:51:33","modified_gmt":"2023-07-09T12:51:33","slug":"eurusd-weak-pullbsck","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-weak-pullbsck\/","title":{"rendered":"EURUSD Weak PB to 20-Week EMA"},"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 formed a weak PB (Pullback) to the 20-week exponential moving average. The bulls see the pullback as forming a micro wedge. This week&#8217;s bull bar closing near its high is a buy signal bar for next week. The bears hope that the recent rally was simply a deep pullback and 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\/07\/EURUSD-Weekly-Weak-PB-Still-No-FT-Selling-Micro-Wedge.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Weak-PB-Still-No-FT-Selling-Micro-Wedge-680x383.png\" alt=\"EURUSD Weekly: Weak PB Still, No FT Selling, Micro Wedge\" class=\"wp-image-182976\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Weak-PB-Still-No-FT-Selling-Micro-Wedge-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Weak-PB-Still-No-FT-Selling-Micro-Wedge-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Weak-PB-Still-No-FT-Selling-Micro-Wedge-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Weak-PB-Still-No-FT-Selling-Micro-Wedge-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Weak-PB-Still-No-FT-Selling-Micro-Wedge.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 closing near its high with a long tail below.<\/li>\n\n\n\n<li>Last week, we said if the current pullback remains weak (with overlapping bars, doji(s) and bull bars) as it is now, the odds will favor a retest of the April high in the coming weeks.<\/li>\n\n\n\n<li>This week traded below last week\u2019s low but reverse to close near its high.<\/li>\n\n\n\n<li>The bears were expecting at least a small second leg sideways to down following the tight bear channel down to May 31 low.&nbsp;<\/li>\n\n\n\n<li>Instead of a weak pullback (bounce), the EURUSD spiked higher.<\/li>\n\n\n\n<li>They hope that the recent rally was simply a deep pullback and want a reversal down from a lower high major trend reversal and a head and shoulders top.<\/li>\n\n\n\n<li>The problem with the bear&#8217;s case is that they have not been able to create strong bear bars with follow-through selling. They are not as strong as they hoped to be.<\/li>\n\n\n\n<li>The bulls 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 the last three weeks were simply a pullback forming a micro wedge (Jun 23, Jun 20, and July 6) and want another leg higher.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick was a bull bar closing near its high, it is a buy signal bar.<\/li>\n\n\n\n<li>If the current pullback remains weak (with overlapping bars, doji(s) and bull bars) as it is now, the odds will favor a retest of the April high in the coming weeks. This remains true.<\/li>\n\n\n\n<li>For now, odds slightly favor the EURUSD to trade at least a little higher.<\/li>\n\n\n\n<li>A lower probability event would be a surprise big bear bar.<\/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\/07\/EURUSD-Daily-Wedge-Bull-Flag-2nd-Leg-up.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Bull-Flag-2nd-Leg-up-680x383.png\" alt=\"EURUSD Daily: Wedge Bull Flag, 2nd Leg up?\" class=\"wp-image-182979\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Bull-Flag-2nd-Leg-up-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Bull-Flag-2nd-Leg-up-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Bull-Flag-2nd-Leg-up-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Bull-Flag-2nd-Leg-up-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Bull-Flag-2nd-Leg-up.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 sideways to down earlier in the week but reversed higher on Thursday and Friday.<\/li>\n\n\n\n<li>Previously, we said that the odds slightly favor a larger second leg sideways to up after the pullback.<\/li>\n\n\n\n<li>The bulls see the last three weeks simply as a wedge bull flag (Jun 23, Jun 30, and Jul 6).<\/li>\n\n\n\n<li>They want a 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. So far, it has been so.<\/li>\n\n\n\n<li>They will need to create follow-through buying breaking above the June 22 high to increase the odds of another strong leg up.<\/li>\n\n\n\n<li>The bears expect at least a small second leg sideways to down following the strong leg down to May 31 low.<\/li>\n\n\n\n<li>However, instead of a strong retest of May low, the last 3 weeks had a lot of overlapping bars, doji(s), and bull bars which indicates that the bears are not as strong as they hope to be.<\/li>\n\n\n\n<li>They hope that Friday\u2019s strong move up was simply a retest of the June 22 high and want a reversal down from a smaller double top (with June 22 high), a lower high major trend reversal and a head and shoulders top.<\/li>\n\n\n\n<li>Since Friday was a bull bar closing near its high, it is a buy signal bar for Monday.<\/li>\n\n\n\n<li>The odds slightly favor the EURUSD to trade at least a little higher.<\/li>\n\n\n\n<li>Traders will see if the buyers can create strong follow-through buying or will the market trade slightly higher but stall around June 22 high area.<\/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 formed a weak PB (Pullback) to the 20-week exponential moving average. The bulls see the pullback as forming a micro wedge. This week&#8217;s bull bar closing near its high is a buy signal bar for next week. The bears hope that the recent rally was simply a deep [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":182976,"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":["post-182833","post","type-post","status-publish","format-standard","has-post-thumbnail","category-forex","category-analysis","tag-eurusd-forex","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Weak-PB-Still-No-FT-Selling-Micro-Wedge.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\/182833","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=182833"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/182833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/182976"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=182833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=182833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=182833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}