{"id":195540,"date":"2023-12-10T01:30:00","date_gmt":"2023-12-10T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=195540"},"modified":"2023-12-09T12:19:49","modified_gmt":"2023-12-09T20:19:49","slug":"eurusd-pullback-from-wedge","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-pullback-from-wedge\/","title":{"rendered":"EURUSD Pullback from Wedge"},"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 formed a EURUSD pullback from wedge testing the 20-week EMA. The bears want a reversal from a wedge bear flag (Oct 12, Nov 3, and Nov 29) and a lower high major trend reversal. The bulls want a reversal from a higher low major trend reversal and the 20-week EMA to act as support.<\/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\/12\/EURUSD-Weekly-Bears-Got-Follow-through-Wedge.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-Bears-Got-Follow-through-Wedge-680x383.jpg\" alt=\"EURUSD Weekly: Bears Got Follow-through, Wedge EURUSD Pullback from Wedge\" class=\"wp-image-195669\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-Bears-Got-Follow-through-Wedge-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-Bears-Got-Follow-through-Wedge-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-Bears-Got-Follow-through-Wedge-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-Bears-Got-Follow-through-Wedge-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-Bears-Got-Follow-through-Wedge.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 bear bar closing in the lower half with a small tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-bull-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said the odds slightly favor any pullback to be minor and at least a small second leg sideways to up after a pullback. Traders will see if the bears can create follow-through selling or if will they fail to do so again.<\/li>\n\n\n\n<li>The bears got a follow-through bear bar closing slightly below the 20-week EMA.<\/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 rally in October and November simply as a deep pullback and want a second leg down 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 29) and a lower high major trend reversal.<\/li>\n\n\n\n<li>They hope that the second leg sideways to down is currently underway.<\/li>\n\n\n\n<li>They will need to create a couple of bear bars trading below the 20-week EMA to increase the odds of retesting the October low.<\/li>\n\n\n\n<li>The bulls got a reversal after a test of the trading range low (Jan low).<\/li>\n\n\n\n<li>They want a retest of the July high followed by a continuation higher in the form of a large second leg up (with the first leg being the September 2022 to July 2023 rally).<\/li>\n\n\n\n<li>If the market trades slightly lower, the bulls want a reversal from a higher low major trend reversal and the 20-week EMA to act as support. This remains true.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bear bar closing in its lower half, it is a sell signal bar for next week.<\/li>\n\n\n\n<li>Odds slightly favor the EURUSD to still be in the sideways to down minor pullback phase.&nbsp;<\/li>\n\n\n\n<li>Traders will see if the bears can create a follow-through bear bar trading below the 20-week EMA or will the market trade slightly lower but stall around the 20-week EMA area.<\/li>\n\n\n\n<li>If the bears can get a few strong consecutive bear bars closing below the 20-week EMA, the odds will swing in favor of retesting the trading range low.<\/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\/12\/EURUSD-Daily-Deep-Pullback-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Deep-Pullback-Trading-Range-680x383.jpg\" alt=\"EURUSD Daily: Deep Pullback, Trading Range\" class=\"wp-image-195672\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Deep-Pullback-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Deep-Pullback-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Deep-Pullback-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Deep-Pullback-Trading-Range-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Deep-Pullback-Trading-Range.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 lower for the week. Friday broke below Thursday\u2019s outside bull bar but closed around the middle of its range with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-follow-through\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that the odds slightly favor the market to still be in the sideways to up phase, even if there are some minor pullbacks in between.<\/li>\n\n\n\n<li>The bears got a reversal down from a wedge pattern near the upper third of the trading range (Nov 14, Nov 21, and Nov 29), a lower high major trend reversal and a double top bear flag (Aug 10 and Nov 29).<\/li>\n\n\n\n<li>They hope that the larger second leg sideways to down to retest October low is now underway.<\/li>\n\n\n\n<li>They see the strong rally simply as a deep pullback of the whole selloff from the July 18 high.<\/li>\n\n\n\n<li>If the market trades higher, they want the 20-day EMA to act as resistance and at least a small second leg sideways to down to retest the current leg extreme low (now December 8). &nbsp;<\/li>\n\n\n\n<li>The bulls got a reversal from a parabolic wedge (Aug 25, Sept 14, and Oct 3) and a large double bottom with the January\/March lows.<\/li>\n\n\n\n<li>The bull leg retested the upper third of the trading range, which is the selling area for trading range traders.<\/li>\n\n\n\n<li>They see the current move simply as a pullback and a retest of the breakout out point (Nov 6 high).<\/li>\n\n\n\n<li>They want a reversal from a higher low major trend reversal.<\/li>\n\n\n\n<li>They will need to create consecutive bull bars trading above the 20-day EMA to increase the odds of retesting the trading range high (April\/May highs).<\/li>\n\n\n\n<li>Since Friday was a bear bar closing in the middle of its range, it is a sell signal bar for next week, albeit weaker (long tail below).<\/li>\n\n\n\n<li>Traders will see if the bears can create follow-through selling early next week or will the market trade higher, followed by a small second leg sideways to down to retest the December 8 low after that.<\/li>\n\n\n\n<li>For now, while the pullback can last a couple of weeks more, odds slightly favor the market to still be Always In Long.<\/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 formed a EURUSD pullback from wedge testing the 20-week EMA. The bears want a reversal from a wedge bear flag (Oct 12, Nov 3, and Nov 29) and a lower high major trend reversal. The bulls want a reversal from a higher low major trend reversal and the [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":195669,"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-195540","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\/12\/EURUSD-Weekly-Bears-Got-Follow-through-Wedge.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\/195540","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=195540"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/195540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/195669"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=195540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=195540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=195540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}