{"id":199643,"date":"2024-02-04T01:30:00","date_gmt":"2024-02-04T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=199643"},"modified":"2024-02-04T03:34:29","modified_gmt":"2024-02-04T11:34:29","slug":"eurusd-trading-range","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-trading-range\/","title":{"rendered":"EURUSD Trading Range"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The monthly chart formed a EURUSD trading range closing as an inside bear bar. The bears need to create a follow-through bear bar closing below the 20-month EMA to increase the odds of reaching the October low. The bulls want the 20-month 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>Monthly<\/em> EURUSD Forex chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Monthly-Trading-Range-Bear-Inside-Bar.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Monthly-Trading-Range-Bear-Inside-Bar-680x383.jpg\" alt=\"EURUSD Monthly: Trading Range, Bear Inside Bar, EURUSD Trading Range\" class=\"wp-image-199768\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Monthly-Trading-Range-Bear-Inside-Bar-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Monthly-Trading-Range-Bear-Inside-Bar-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Monthly-Trading-Range-Bear-Inside-Bar-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Monthly-Trading-Range-Bear-Inside-Bar-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Monthly-Trading-Range-Bear-Inside-Bar.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 January monthly EURUSD candlestick was a bear inside bar closing near its low.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-bad-follow-through\/\" target=\"_blank\" rel=\"noreferrer noopener\">La<\/a><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-bad-follow-through\/\">st month<\/a>, we said that the odds slightly favor the market to still be in the sideways to up phase. If the bulls can create another follow-through bull bar in January, it will increase the odds of a retest and breakout attempt above the July high.<\/li>\n\n\n\n<li>January traded lower and around the 20-month EMA.&nbsp;<\/li>\n\n\n\n<li>The bulls got a reversal from a double bottom bull flag (Jan 6 and Oct 3) and a retest of the trading range high.<\/li>\n\n\n\n<li>However, they were not able to get sustained follow-through buying and the market reversed back to the middle of the trading range.<\/li>\n\n\n\n<li>They see January as a pullback and want at least a small second to retest the December high.<\/li>\n\n\n\n<li>They want the 20-month EMA to act as support.<\/li>\n\n\n\n<li>The bears see the prior move up (Dec 28) as a retest of the July high and want a reversal from a lower high major trend reversal.<\/li>\n\n\n\n<li>They see the market as being in a 14-month trading range and the EURUSD was trading in the sell zone of trading range traders.<\/li>\n\n\n\n<li>They managed to get a strong bear bar closing near its low in January.<\/li>\n\n\n\n<li>They will need to create a follow-through bear bar closing below the 20-month EMA to increase the odds of a retest of the October low.<\/li>\n\n\n\n<li>Since January is an inside bear, the market is in breakout mode.<\/li>\n\n\n\n<li>Because it is an inside bear bar closing near its low, odds favor a breakout below first which it has done (in Feb).<\/li>\n\n\n\n<li>For now, the market remains in a 14-month trading range and is trading around the middle of the trading range. It is an area of balance.<\/li>\n\n\n\n<li>Traders will see if the bears can create a follow-through bear bar in February. If they do, it will increase the odds of a retest of the October low.<\/li>\n\n\n\n<li>Odds slightly favor the market to trade lower in the first half of the month.<\/li>\n<\/ul>\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\/02\/EURUSD-Weekly-Consecutive-Bear-Bars-Bear-Need-FT.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Consecutive-Bear-Bars-Bear-Need-FT-680x383.jpg\" alt=\"EURUSD Weekly: Consecutive Bear Bars, Bear Need FT\" class=\"wp-image-199771\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Consecutive-Bear-Bars-Bear-Need-FT-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Consecutive-Bear-Bars-Bear-Need-FT-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Consecutive-Bear-Bars-Bear-Need-FT-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Consecutive-Bear-Bars-Bear-Need-FT-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Consecutive-Bear-Bars-Bear-Need-FT.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;was a bear bar closing in near its low with a long tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-high-2-buy-setup\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor the pullback to be minor and the market to still be in the bull leg phase. 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>This week traded above the 20-week EMA, but the bulls were not able to get sustained follow-through buying. The market reversed to close below the 20-week EMA.<\/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.&nbsp;<\/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 Feb 1).<\/li>\n\n\n\n<li>If the market continues to trade lower, the bulls want a reversal from a double bottom bull flag with the Dec 8 low.<\/li>\n\n\n\n<li>The bulls will need to create a few consecutive bull bars trading above the 20-week EMA 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 managed to create a few consecutive bear bars in a tight channel which has closed below the 20-week EMA.<\/li>\n\n\n\n<li>If the bears manage to get sustained follow-through selling, it will increase the odds of a deeper pullback.<\/li>\n\n\n\n<li>The bears want a retest of the trading range low (Oct 2023 low).<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bear bar closing near its low, it is a sell signal bar for next week.<\/li>\n\n\n\n<li>For now, odds slightly favor the market to trade sideways to down.<\/li>\n\n\n\n<li>Traders will see if the bears can get follow-through selling.<\/li>\n\n\n\n<li>The EURUSD is in a 62-week trading range. (Trading range high: July 2023, Trading range low: Oct 2023)<\/li>\n\n\n\n<li>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\">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 monthly chart formed a EURUSD trading range closing as an inside bear bar. The bears need to create a follow-through bear bar closing below the 20-month EMA to increase the odds of reaching the October low. The bulls want the 20-month EMA to act as support. EURUSD Forex market The [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":199771,"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-199643","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\/02\/EURUSD-Weekly-Consecutive-Bear-Bars-Bear-Need-FT.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\/199643","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=199643"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/199643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/199771"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=199643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=199643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=199643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}