{"id":197291,"date":"2024-01-07T01:30:00","date_gmt":"2024-01-07T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=197291"},"modified":"2024-01-07T02:12:49","modified_gmt":"2024-01-07T10:12:49","slug":"eurusd-minor-pullback-2","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-minor-pullback-2\/","title":{"rendered":"EURUSD Minor Pullback"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The weekly chart formed an EURUSD minor PB (pullback) to the 20-week EMA. The bulls want the 20-week EMA to act as support, followed by a reversal from a double bottom bull flag with the first leg being the December 8 low. The bears 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.<\/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\/2024\/01\/EURUSD-Weekly-Pullback-to-20-Week-EMA.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Pullback-to-20-Week-EMA-680x383.jpg\" alt=\"EURUSD Weekly: Pullback to 20-Week EMA, EURUSD Minor PB\" class=\"wp-image-197413\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Pullback-to-20-Week-EMA-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Pullback-to-20-Week-EMA-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Pullback-to-20-Week-EMA-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Pullback-to-20-Week-EMA-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Pullback-to-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 bear bar with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-bad-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.<\/li>\n\n\n\n<li>This week traded lower but did not reach the 20-week EMA followed by a pullback higher at the end of the week.<\/li>\n\n\n\n<li>The bulls 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 September 2022 to July 2023 rally).<\/li>\n\n\n\n<li>They see the current pullback as minor even if it lasts 1-3 weeks.<\/li>\n\n\n\n<li>They want the 20-week EMA to act as support, followed by a reversal from a double bottom bull flag with the first leg being the December 8 low.<\/li>\n\n\n\n<li>The bears see the rally since October as a retest of the prior leg\u2019s extreme high.<\/li>\n\n\n\n<li>They want a reversal from a wedge bear flag (Nov 3, Nov 29, and Dec 28) and a lower high major trend reversal.<\/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 long tail below this week\u2019s candlestick indicates that the bears are not yet as strong as they would like to be.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bear bar closing slightly below the middle of its range with a long tail below, it is a sell signal bar for next week albeit weak.<\/li>\n\n\n\n<li>For now, odds slightly favor the pullback to be minor even if it lasts a couple more weeks and the market to still be in the bull leg phase.<\/li>\n\n\n\n<li>The EURUSD is in a 58-week trading range. Traders will continue to BLSH (Buy Low, Sell High) within a trading range until there is a breakout with follow-through selling\/buying.<\/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\/2024\/01\/EURUSD-Daily-Double-Bottom-Bull-Flag.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Double-Bottom-Bull-Flag-680x383.jpg\" alt=\"EURUSD Daily: Double Bottom Bull Flag?\" class=\"wp-image-197416\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Double-Bottom-Bull-Flag-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Double-Bottom-Bull-Flag-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Double-Bottom-Bull-Flag-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Double-Bottom-Bull-Flag-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Double-Bottom-Bull-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 down for the week. Friday was an outside bear doji bar.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-consecutive-bull-bar\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said if the market continues to stall around the November 29 high area, the odds of another pullback will begin within a few weeks.<\/li>\n\n\n\n<li>So far, the pullback has begun and is finding some support around the 20-day EMA area.<\/li>\n\n\n\n<li>Previously, the bulls got a bull leg which retested the upper third of the trading range (Dec 28).<\/li>\n\n\n\n<li>They hope to get a breakout above the 58-week trading range followed by a big second leg sideways to up lasting many weeks.<\/li>\n\n\n\n<li>They see the pullback this week forming a double bottom bull flag (Dec 8 and Jan 5).<\/li>\n\n\n\n<li>They will need to create follow-through buying next week to increase the odds of retesting the December high.<\/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 6, Nov 29, and Dec 28) and a higher high major trend reversal (Nov 29).<\/li>\n\n\n\n<li>They see the rally from October simply as a bull leg within a trading range and want a reversal from a large lower high major trend reversal (with the July high).<\/li>\n\n\n\n<li>They will need to create consecutive bear bars closing near their lows trading below the 20-day EMA and the bull trend line to increase the odds of a deeper pullback.<\/li>\n\n\n\n<li>Friday was a big outside doji bar and is overlapping with the prior 2 candlesticks. It indicates indecision around the 20-day EMA area.<\/li>\n\n\n\n<li>Sometimes, the candlestick after an outside bar is an inside bar or has a lot of overlapping range. If that is the case, it would form an ioi (inside-outside-inside) pattern, which is a breakout mode pattern.<\/li>\n\n\n\n<li>For now, odds slightly favor the current pullback to be minor even if it lasts another couple of weeks.<\/li>\n\n\n\n<li>However, if the bears can create consecutive bear bars closing near their lows and trading below the 20-day EMA, it could swing the odds in favor of the bear leg beginning.&nbsp;<\/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 weekly chart formed an EURUSD minor PB (pullback) to the 20-week EMA. The bulls want the 20-week EMA to act as support, followed by a reversal from a double bottom bull flag with the first leg being the December 8 low. The bears need to create a few strong consecutive [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":197413,"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-197291","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\/2024\/01\/EURUSD-Weekly-Pullback-to-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\/197291","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=197291"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/197291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/197413"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=197291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=197291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=197291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}