{"id":199178,"date":"2024-01-28T01:30:00","date_gmt":"2024-01-28T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=199178"},"modified":"2024-01-28T09:09:54","modified_gmt":"2024-01-28T17:09:54","slug":"eurusd-high-2-buy-setup","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-high-2-buy-setup\/","title":{"rendered":"EURUSD High 2 Buy Setup, Bulls Need Strong Entry"},"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 high 2 buy setup trading slightly above the 20-week EMA. The bulls need a strong bull entry bar with follow-through buying to increase the odds of the bull leg resuming. 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-Double-Bottom-Bull-Flag-Micro-Wedge.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Double-Bottom-Bull-Flag-Micro-Wedge-680x383.jpg\" alt=\"EURUSD Weekly: Double Bottom Bull Flag, Micro Wedge, EURUSD High 2 Buy Setup\" class=\"wp-image-199340\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Double-Bottom-Bull-Flag-Micro-Wedge-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Double-Bottom-Bull-Flag-Micro-Wedge-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Double-Bottom-Bull-Flag-Micro-Wedge-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Double-Bottom-Bull-Flag-Micro-Wedge-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Weekly-Double-Bottom-Bull-Flag-Micro-Wedge.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\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;had a small bear body with prominent tails above and below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-tested-the-20-week-ema\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that 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.\u00a0<\/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 a few weeks. We are in the fourth week of the pullback.<\/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 (Dec 8 and Jan 17) and a micro wedge (Jan 5, Jan 17, and Jan 26).<\/li>\n\n\n\n<li>This week traded below the 20-week EMA but reversed to close slightly above it and last week\u2019s low.<\/li>\n\n\n\n<li>The bulls will need to create a few consecutive bull bars to increase the odds of the bull leg resuming.<\/li>\n\n\n\n<li>The bears see the rally since October as a retest of the prior leg\u2019s extreme high (Jul 18).<\/li>\n\n\n\n<li>They got 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. So far they have not yet been able to do so.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a small bear bar with a prominent tail below, it is not a strong sell signal bar for next week.<\/li>\n\n\n\n<li>Traders will see if the bulls can trigger the High 2 buy setup and close with a strong entry bar.<\/li>\n\n\n\n<li>For now, odds slightly favor the pullback to be minor and the market to still be in the bull leg phase.<\/li>\n\n\n\n<li>However, if the bears can get a few strong consecutive bear bars closing below the 20-week EMA, it can swing the odds of the bear leg beginning.<\/li>\n\n\n\n<li>The EURUSD is in a 61-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-Wedge-Bulls-Need-Consecutive-Bull-Bars.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Wedge-Bulls-Need-Consecutive-Bull-Bars-680x383.jpg\" alt=\"EURUSD Daily: Wedge, Bulls Need Consecutive Bull Bars\" class=\"wp-image-199343\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Wedge-Bulls-Need-Consecutive-Bull-Bars-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Wedge-Bulls-Need-Consecutive-Bull-Bars-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Wedge-Bulls-Need-Consecutive-Bull-Bars-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Wedge-Bulls-Need-Consecutive-Bull-Bars-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/EURUSD-Daily-Wedge-Bulls-Need-Consecutive-Bull-Bars.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD traded sideways to down for the week. The candlesticks for the week are mostly overlapping in a tight trading range.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-tested-the-20-week-ema\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor the current pullback to be minor even if it lasts another couple of weeks.<\/li>\n\n\n\n<li>This week traded below last week\u2019s low, but the follow-through selling was weak.<\/li>\n\n\n\n<li>The bulls see the pullback as forming a double bottom bull flag (Dec 8 and Jan 26) and a higher low.<\/li>\n\n\n\n<li>They want a reversal from a wedge bull flag (Jan 5, Jan 17, and Jan 26).&nbsp;<\/li>\n\n\n\n<li>They hope to get a breakout above the 61-week trading range followed by a big second leg sideways to up lasting many weeks (with the first leg being September 2022 to July 2023 rally).<\/li>\n\n\n\n<li>They will need to create a few strong bull bars closing back above the 20-day EMA to increase the odds of the bull leg resuming.<\/li>\n\n\n\n<li>The bears got a reversal down from a wedge pattern (Nov 6, Nov 29, and Dec 28) near the upper third of the trading range 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 got the third leg down this week, but the follow-through selling was not as strong as the bears hoped it would be (overlapping candlesticks).<\/li>\n\n\n\n<li>If the market trades higher, the bears want the EURUSD to stall around the January 11 high and form a reversal from a double top bear flag.<\/li>\n\n\n\n<li>They want at least a small second leg sideways to down to retest the Jan 26 low.<\/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. This remains true.<\/li>\n\n\n\n<li>However, if the bears can create sustained follow-through selling 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 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 high 2 buy setup trading slightly above the 20-week EMA. The bulls need a strong bull entry bar with follow-through buying to increase the odds of the bull leg resuming. The bears need to create a few strong consecutive bear bars closing below the 20-week [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":199340,"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-199178","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\/2024\/01\/EURUSD-Weekly-Double-Bottom-Bull-Flag-Micro-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\/199178","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=199178"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/199178\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/199340"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=199178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=199178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=199178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}