{"id":192659,"date":"2023-10-22T01:30:00","date_gmt":"2023-10-22T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=192659"},"modified":"2023-10-22T01:46:13","modified_gmt":"2023-10-22T08:46:13","slug":"eurusd-final-flag","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-final-flag\/","title":{"rendered":"EURUSD Final Flag?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The weekly chart traded sideways in the last 3- to 4-weeks, potentially forming a EURUSD final flag. The bulls need to create consecutive bull bars trading far above the bear trend line to increase the odds of a larger pullback. The bears want the pullback to remain sideways and weak which will increase the odds of a retest of the October 3 low.<\/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\/10\/EURUSD-Weekly-Inside-Bar-Final-Flag.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Inside-Bar-Final-Flag-680x383.jpg\" alt=\"EURUSD Weekly: Inside Bar, Final Flag? EURUSD Final Flag\" class=\"wp-image-192801\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Inside-Bar-Final-Flag-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Inside-Bar-Final-Flag-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Inside-Bar-Final-Flag-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Inside-Bar-Final-Flag-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Inside-Bar-Final-Flag.jpg 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 an inside bull bar closing near its high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/no-eurusd-follow-through\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor the market to trade at least a little lower. Until the bulls can show they are back in control by creating strong bull bars, odds continue to slightly favor the EURUSD to trade sideways to down.<\/li>\n\n\n\n<li>The market traded sideways to up for the week.<\/li>\n\n\n\n<li>The bulls hope that the strong move down from July is simply a sell vacuum within a trading range.<\/li>\n\n\n\n<li>They want a reversal up from a double bottom bull flag (with Mar 15) and a parabolic wedge (Aug 3, Aug 25, and Oct 3).<\/li>\n\n\n\n<li>The problem with the bull\u2019s case is that the move down is very strong.<\/li>\n\n\n\n<li>They need to create follow-through buying trading far above the bear trend line to increase the odds of a pullback lasting many weeks.<\/li>\n\n\n\n<li>The bears got a tight bear channel testing the trading range low.<\/li>\n\n\n\n<li>That increases the odds of at least a small second leg sideways to down after a larger pullback (bounce).<\/li>\n\n\n\n<li>They want the pullback (bounce) to be weak (overlapping bars, doji(s), bear bars) and sideways, followed by another leg lower.<\/li>\n\n\n\n<li>They see the last 2- to 3-weeks simply as a small pullback and want the market to resume lower, breaking far below the March low with follow-through selling.<\/li>\n\n\n\n<li>The selloff from July 18 lasted a long time and was climactic. The market could be forming a pullback that lasts a couple of weeks.<\/li>\n\n\n\n<li>Traders will see the strength of the pullback. If the pullback is weak and has a lot of overlapping candlesticks, the odds of another leg lower increases.<\/li>\n\n\n\n<li>So far, the pullback is sideways and has overlapping bars (therefore weak).<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is an inside bull bar, the EURUSD is in breakout mode.<\/li>\n\n\n\n<li>The bulls want a breakout above, while the bears want a breakout below the inside bar.<\/li>\n\n\n\n<li>Because it is a bull bar closing near its high, the first breakout may be above the inside bar.<\/li>\n\n\n\n<li>The first breakout from an inside bar can fail 50% of the time. Also, the candlestick after an inside bar sometimes is another inside bar (forming an ii; inside-inside pattern) or has a lot of overlapping range.<\/li>\n\n\n\n<li>For now, while the sideways to up pullback can still last a while more, odds are the pullback is minor and we will get a retest of the prior leg extreme (Oct 3) after the 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\/10\/EURUSD-Daily-Small-Pullback-\u2013-2nd-Leg-Up-Final-Flag.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Small-Pullback-\u2013-2nd-Leg-Up-Final-Flag-680x383.jpg\" alt=\"EURUSD Daily: Small Pullback \u2013 2nd Leg Up, Final Flag?\" class=\"wp-image-192804\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Small-Pullback-\u2013-2nd-Leg-Up-Final-Flag-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Small-Pullback-\u2013-2nd-Leg-Up-Final-Flag-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Small-Pullback-\u2013-2nd-Leg-Up-Final-Flag-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Small-Pullback-\u2013-2nd-Leg-Up-Final-Flag-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Small-Pullback-\u2013-2nd-Leg-Up-Final-Flag.jpg 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 up for the week. Friday was an inside bull doji.<\/li>\n\n\n\n<li>Last week, we said until the bulls can break far above the bear trend line, odds slightly favor the EURUSD to trade sideways to down still.<\/li>\n\n\n\n<li>The bulls hope that the strong move down is simply a sell vacuum test of the 45-week trading range low.<\/li>\n\n\n\n<li>They want a larger pullback (bounce) from a parabolic wedge (Aug 25, Sept 14, and Oct 3) and a large double bottom with the March low.<\/li>\n\n\n\n<li>They hope to get a reversal up from a higher low major trend reversal (Oct 13).<\/li>\n\n\n\n<li>They need to create consecutive bull bars closing near their highs, breaking far above the 20-day EMA and the bear trend line to increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>If the market trades lower, they hope that the small sideways trading range in the last 3 weeks will be the final flag of the move down.<\/li>\n\n\n\n<li>The bears got a tight bear channel down lasting 13 weeks.<\/li>\n\n\n\n<li>They want a strong breakout below the March low and a measured move down based on the height of the 45-week trading range.<\/li>\n\n\n\n<li>The move down since July 18 is in a tight bear channel. That increases the odds of at least a small second leg sideways to down after a larger pullback.<\/li>\n\n\n\n<li>If the market trades slightly higher, the bears want a reversal from a small double top bear flag with the October 12 high.<\/li>\n\n\n\n<li>This week formed the second leg sideways to up of the pullback, but it had a lot of overlapping candlesticks. The bulls are not yet as strong as they hoped to be.<\/li>\n\n\n\n<li>The odds continue to slightly favor the current pullback to be minor and favor a retest of the prior leg extreme (Oct 3 low) after the pullback.<\/li>\n\n\n\n<li>Until the bulls can break far above the bear trend line and the 20-day EMA, odds slightly favor the EURUSD to still be Always In Short.<\/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 weekly chart traded sideways in the last 3- to 4-weeks, potentially forming a EURUSD final flag. The bulls need to create consecutive bull bars trading far above the bear trend line to increase the odds of a larger pullback. The bears want the pullback to remain sideways and weak which [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":192801,"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-192659","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\/10\/EURUSD-Weekly-Inside-Bar-Final-Flag.jpg","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\/192659","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=192659"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/192659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/192801"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=192659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=192659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=192659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}