{"id":194334,"date":"2023-11-19T01:30:00","date_gmt":"2023-11-19T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=194334"},"modified":"2023-11-18T11:20:36","modified_gmt":"2023-11-18T19:20:36","slug":"eurusd-bulls-need-follow-through","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-bulls-need-follow-through\/","title":{"rendered":"EURUSD Bulls Need Follow-through"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The EURUSD bulls need follow-through buying to increase the odds of a retest and breakout attempt above the trading range high. The bears hope that the current move is simply a deep pullback and want a reversal from a wedge bear flag or a lower high major trend reversal.<\/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\/11\/EURUSD-Weekly-Bulls-Need-FT-Weak-Wedge-Bear-Flag.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-Bulls-Need-FT-Weak-Wedge-Bear-Flag-680x383.jpg\" alt=\"EURUSD Bulls Need Follow-through, Weak Wedge Bear Flag\" class=\"wp-image-194461\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-Bulls-Need-FT-Weak-Wedge-Bear-Flag-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-Bulls-Need-FT-Weak-Wedge-Bear-Flag-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-Bulls-Need-FT-Weak-Wedge-Bear-Flag-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-Bulls-Need-FT-Weak-Wedge-Bear-Flag-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-Bulls-Need-FT-Weak-Wedge-Bear-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 a big bull bar closing near its high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-double-bottom-bull-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that the odds slightly favor the market to trade at least a little higher. If the bulls can get a couple of consecutive bull bars closing near their high, it will increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>This week traded higher and closed far above the 20-week EMA.<\/li>\n\n\n\n<li>The bulls got a reversal up from a double bottom bull flag (Oct 3 and Jan 6) and a parabolic wedge (Aug 3, Aug 25, and Oct 3).<\/li>\n\n\n\n<li>This week closed far above the 20-week EMA and is trading above the middle of the trading range.<\/li>\n\n\n\n<li>They see the current move as the bull leg to retest the trading range high.<\/li>\n\n\n\n<li>If the market trades lower, the bulls want a reversal up from a higher low major trend reversal.<\/li>\n\n\n\n<li>Previously, the bears got a tight bear channel testing the trading range low (Jan 6).<\/li>\n\n\n\n<li>They see the current move simply as a deep pullback and want the market to retest the October low.<\/li>\n\n\n\n<li>They want a reversal from a wedge bear flag (Oct 12, Nov 3, and Nov 17) and a lower high major trend reversal.<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that they have not been able to create follow-through selling (since the Oct low) and this week\u2019s big bull bar is not a strong sell signal bar.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a big bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>For now, odds continue to slightly favor the market to still be in the sideways to up phase.<\/li>\n\n\n\n<li>Traders will see if the bulls can get more follow-through buying or will next week trade slightly higher but close with a long tail or a bear body.<\/li>\n\n\n\n<li>If the bulls can get a couple of consecutive bull bars closing near their high, it will increase the odds of a retest and subsequent breakout attempt above the trading range high.<\/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\/11\/EURUSD-Daily-Wedge-Bear-Flag-Bull-Leg-Test-TR-High.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Daily-Wedge-Bear-Flag-Bull-Leg-Test-TR-High-680x383.jpg\" alt=\"EURUSD Daily: Wedge Bear Flag, Bull Leg Test TR High\" class=\"wp-image-194464\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Daily-Wedge-Bear-Flag-Bull-Leg-Test-TR-High-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Daily-Wedge-Bear-Flag-Bull-Leg-Test-TR-High-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Daily-Wedge-Bear-Flag-Bull-Leg-Test-TR-High-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Daily-Wedge-Bear-Flag-Bull-Leg-Test-TR-High-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Daily-Wedge-Bear-Flag-Bull-Leg-Test-TR-High.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD spiked up on Tuesday followed by sideways trading. Friday was an outside bull bar closing near its high, breaking above the oo (outside-outside) pattern.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-double-top-bear-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Prev<\/a><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-double-top-bear-flag\/\">iously<\/a>, we said that odds slightly favor at least a small retest of the October 3 low after the pullback. If the retest of the October 3 low is brief and reverses up immediately, odds will swing in favor of the pullback (bounce) resuming for at least a couple more weeks.<\/li>\n\n\n\n<li>The bears attempted to retest the October 3 low (on Oct 26 and Nov 1) briefly but could not create follow-through selling and the market reversed up instead.<\/li>\n\n\n\n<li>Previously, the bears got a tight bear channel testing the trading range low (Jan 6).<\/li>\n\n\n\n<li>They see the current move simply as a deep pullback of the whole selloff from the July 18 high.<\/li>\n\n\n\n<li>They want a reversal down from a wedge bear flag (Oct 24, Nov 6, and Nov 17), a lower high major trend reversal and a double top bear flag (Aug 30 and Nov 17).<\/li>\n\n\n\n<li>If the market trades higher, they want the EURUSD to stall around the trading range high area (April\/May highs)<\/li>\n\n\n\n<li>They hope to get a retest of the October low and a breakout below the trading range low.<\/li>\n\n\n\n<li>The bulls hope that the strong move down (Jul 18 to Oct 3) was simply a sell vacuum test of the 50-week trading range low.<\/li>\n\n\n\n<li>They got a larger pullback (bounce) from a parabolic wedge (Aug 25, Sept 14, and Oct 3) and a large double bottom with the January low.<\/li>\n\n\n\n<li>They hope that the bull leg to retest the trading high (April\/May highs) is now underway.<\/li>\n\n\n\n<li>If the market trades lower, they want a reversal up from a higher low major trend reversal.&nbsp;<\/li>\n\n\n\n<li>They want the 20-day EMA to act as support.<\/li>\n\n\n\n<li>So far, the bears have not been able to create sustained follow-through selling.&nbsp;<\/li>\n\n\n\n<li>The buying pressure since the October low looks stronger with larger bull bars with stronger follow-through buying.<\/li>\n\n\n\n<li>For now, odds slightly favor the market to still be in the sideways to up phase even if there is a small pullback first.<\/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 bulls need follow-through buying to increase the odds of a retest and breakout attempt above the trading range high. The bears hope that the current move is simply a deep pullback and want a reversal from a wedge bear flag or a lower high major trend reversal. EURUSD Forex [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":194461,"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-194334","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\/11\/EURUSD-Weekly-Bulls-Need-FT-Weak-Wedge-Bear-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\/194334","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=194334"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/194334\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/194461"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=194334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=194334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=194334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}