{"id":195955,"date":"2023-12-17T01:30:00","date_gmt":"2023-12-17T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=195955"},"modified":"2023-12-18T02:28:52","modified_gmt":"2023-12-18T10:28:52","slug":"eurusd-second-leg-up","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-second-leg-up\/","title":{"rendered":"EURUSD Second Leg Up?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The bulls hope that the market is forming a EURUSD second leg up from a higher low major trend reversal. They want a retest and breakout above the trading range high. The bears want at least a small second leg sideways to down to retest the December 8 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\/12\/EURUSD-Weekly-No-Bear-FT-below-20-Week-EMA.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-No-Bear-FT-below-20-Week-EMA-680x383.jpg\" alt=\"EURUSD Second Leg Up, EURUSD Weekly: No Bear FT below 20-Week EMA\" class=\"wp-image-196084\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-No-Bear-FT-below-20-Week-EMA-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-No-Bear-FT-below-20-Week-EMA-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-No-Bear-FT-below-20-Week-EMA-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-No-Bear-FT-below-20-Week-EMA-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Weekly-No-Bear-FT-below-20-Week-EMA.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 bull bar with a long tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-pullback-from-wedge\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor the EURUSD to still be in the sideways to down minor pullback phase.\u00a0<\/li>\n\n\n\n<li>This week reversed higher and tested near the November high but closed slightly above the middle of its range.<\/li>\n\n\n\n<li>Previously, the bears got the first pair of consecutive bear bars closing slightly below the 20-week EMA.&nbsp;<\/li>\n\n\n\n<li>However, they were not able to get follow-through selling below the 20-week EMA.<\/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), a lower high major trend reversal and a small double top (Nov 29 and Dec 14).<\/li>\n\n\n\n<li>They hope that this week was simply a retest of the prior leg&#8217;s extreme high (Nov 29) and want at least a small second leg sideways down (a two-legged pullback).<\/li>\n\n\n\n<li>They need to create a few strong consecutive bear bars closing below the 20-week EMA to increase the odds of retesting the trading range 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>They want a reversal from a higher low major trend reversal and the 20-week EMA to act as support. So far this is the case.<\/li>\n\n\n\n<li>They will need to create follow-through buying trading above the November 29 high to increase the odds of higher prices.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bull bar closing above the middle of its range with a long tail above, it is a buy signal bar for next week albeit weaker.<\/li>\n\n\n\n<li>For now, odds continue to slightly favor any pullback to be minor and for the market to still be Always In Long.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a follow-through bull bar next week, or will the market trade lower instead, forming a two-legged sideways to down minor pullback phase?<\/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-Reversal-from-HL-MTR-or-Second-Leg-Down.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Reversal-from-HL-MTR-or-Second-Leg-Down-680x383.jpg\" alt=\"EURUSD Daily: Reversal from HL MTR or Second Leg Down?\" class=\"wp-image-196087\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Reversal-from-HL-MTR-or-Second-Leg-Down-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Reversal-from-HL-MTR-or-Second-Leg-Down-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Reversal-from-HL-MTR-or-Second-Leg-Down-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Reversal-from-HL-MTR-or-Second-Leg-Down-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/EURUSD-Daily-Reversal-from-HL-MTR-or-Second-Leg-Down.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 higher for the week, followed by a pullback on Friday, closing as a big inside bear bar near its low.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-pullback-from-wedge\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-pullback-from-wedge\/\" rel=\"noreferrer noopener\">Last week<\/a>, we said that while the pullback can last a couple of weeks more, odds slightly favor the market to still be Always In Long. 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>Previously, 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 this week simply as a retest of the November 29 high and want a reversal from a double top major trend reversal (Nov 29 and Dec 14).<\/li>\n\n\n\n<li>They will need to create a breakout below the bear inside bar with follow-through selling below the 20-day EMA next week to increase the odds of a deeper pullback.<\/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 zone for trading range traders.<\/li>\n\n\n\n<li>They see the pullback to the December 8 low simply as a 50% pullback. They want a reversal from a higher low major trend reversal (Dec 8)<\/li>\n\n\n\n<li>If the market trades lower next week, they want a reversal from a double bottom bull flag (with Dec 8) and the 20-day EMA to act as support.<\/li>\n\n\n\n<li>Since Friday was an inside bear bar closing near its low, the EURUSD is in breakout mode.<\/li>\n\n\n\n<li>Odds slightly favor a breakout below the inside bar first. Traders will see if the bears can create sustained follow-through selling.<\/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 bulls hope that the market is forming a EURUSD second leg up from a higher low major trend reversal. They want a retest and breakout above the trading range high. The bears want at least a small second leg sideways to down to retest the December 8 low. EURUSD Forex [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":196084,"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-195955","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-No-Bear-FT-below-20-Week-EMA.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\/195955","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=195955"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/195955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/196084"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=195955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=195955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=195955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}