{"id":200649,"date":"2024-02-18T01:30:00","date_gmt":"2024-02-18T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=200649"},"modified":"2024-02-17T10:46:53","modified_gmt":"2024-02-17T18:46:53","slug":"eurusd-outside-doji","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/eurusd-outside-doji\/","title":{"rendered":"EURUSD Outside Doji"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The weekly candlestick was a EURUSD outside doji, stalling around the December 8 low area. The bulls want a reversal from a double bottom bull flag (Dec 8 and Feb 14). The bears want the 20-week EMA to act as resistance followed by at least a small leg sideways to down to retest the February 14 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\/02\/EURUSD-Weekly-Stall-at-Dec-8-Low-Minor-Pullback.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Stall-at-Dec-8-Low-Minor-Pullback-680x383.jpg\" alt=\"EURUSD Weekly: Stall at Dec 8 Low, Minor Pullback? EURUSD Outside Doji\" class=\"wp-image-200763\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Stall-at-Dec-8-Low-Minor-Pullback-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Stall-at-Dec-8-Low-Minor-Pullback-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Stall-at-Dec-8-Low-Minor-Pullback-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Stall-at-Dec-8-Low-Minor-Pullback-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Weekly-Stall-at-Dec-8-Low-Minor-Pullback.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 an outside doji bar with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-weak-high-2-setup\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that because the move down has lasted for a while, we may see a minor pullback (bounce) followed by at least a small second leg sideways to down to retest the current leg extreme (Feb 6) after that.\u00a0<\/li>\n\n\n\n<li>This week traded higher earlier in the week, followed by a reversal testing the February 6 low. The market then reversed to almost unchanged, forming consecutive doji(s) around the December 8 low.<\/li>\n\n\n\n<li>The bulls want a retest of the December and July highs followed by a breakout above.<\/li>\n\n\n\n<li>They see the current pullback (from Dec to Feb) as minor and want the 20-week EMA or the bull trend line to act as support.<\/li>\n\n\n\n<li>They want a reversal from a double bottom bull flag (Dec 8 and Feb 14).&nbsp;<\/li>\n\n\n\n<li>The problem with the bull\u2019s case is that the move down is in a tight bear channel.&nbsp;<\/li>\n\n\n\n<li>They will need consecutive bull bars closing near their highs, 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 from October to December 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 created a tight bear channel closing below the 20-week EMA. They want a retest of the trading range low (Oct 2023 low).<\/li>\n\n\n\n<li>The move down consists of a 7-bar bear microchannel. Odds slightly favor sellers above the first pullback. That was the case this week.<\/li>\n\n\n\n<li>If the market trades higher, the bears want the 20-week EMA to act as resistance followed by at least a small leg sideways to down to retest the February 14 low.<\/li>\n\n\n\n<li>The last two candlesticks are doji bars trading around the December 8 low. The market is in an area of balance.<\/li>\n\n\n\n<li>Sometimes the candlestick after an outside bar is an inside bar, forming an ioi (inside-outside-inside) breakout mode pattern. Or it might have a lot of overlapping range.<\/li>\n\n\n\n<li>Or it could form another outside bar, thereby forming an oo (outside-outside) breakout mode pattern.<\/li>\n\n\n\n<li>If the market trades slightly higher, traders will see the strength of the pullback (bounce). If it is weak and lacks sustained follow-through buying and stalls at the 20-week EMA, the odds of another leg down will increase.<\/li>\n\n\n\n<li>The EURUSD is in a 64-week trading range. (Trading range high: July 2023, Trading range low: Oct 2023).&nbsp;<\/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\n\n\n<li>For now, until the bulls can create a few strong consecutive bull bars, odds slightly favor any pullback (bounce) to be minor and overall favor sideways to down still after the pullback.<\/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\/02\/EURUSD-Daily-DB-Bottom-Bull-Flag-Bulls-Need-FT-Buying.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Daily-DB-Bottom-Bull-Flag-Bulls-Need-FT-Buying-680x383.jpg\" alt=\"EURUSD Daily: DB Bottom Bull Flag, Bulls Need FT Buying\" class=\"wp-image-200742\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Daily-DB-Bottom-Bull-Flag-Bulls-Need-FT-Buying-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Daily-DB-Bottom-Bull-Flag-Bulls-Need-FT-Buying-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Daily-DB-Bottom-Bull-Flag-Bulls-Need-FT-Buying-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Daily-DB-Bottom-Bull-Flag-Bulls-Need-FT-Buying-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/EURUSD-Daily-DB-Bottom-Bull-Flag-Bulls-Need-FT-Buying.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 higher on Monday but reversed into a bear doji. Tuesday retested the February 6 low but lacked follow-through selling. The market traded sideways to up from midweek onwards.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-weak-high-2-setup\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the move down is strong enough to favor at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n<li>The bears were able to able to create sideways to down trading below the 20-day EMA, albeit not yet very strong (a lot of overlapping price action).<\/li>\n\n\n\n<li>They got the third leg down (therefore a wedge) this week (Jan 5, Feb 6, and Feb 14) breaking below the December 8 low but lacked follow-through selling.<\/li>\n\n\n\n<li>If the market trades higher, the bears want the EURUSD to stall around the 20-day EMA or the bear trend line area.<\/li>\n\n\n\n<li>They want a retest of the February 14 low followed by another breakout attempt below the December 8 low.<\/li>\n\n\n\n<li>The bulls see the pullback as forming a double bottom bull flag (Dec 8 and Feb 6) and a wedge bull flag (Jan 5, Feb 6, and Feb 14).&nbsp;<\/li>\n\n\n\n<li>They will need to create a few strong bull bars closing far above the 20-day EMA and the bear trend line to increase the odds of the bull leg resuming.<\/li>\n\n\n\n<li>So far, while the move down is persistent, it is not yet very strong (a lot of overlapping price action).<\/li>\n\n\n\n<li>Because the bear leg has lasted for a while, we may see a minor pullback (bounce) attempt again.&nbsp;<\/li>\n\n\n\n<li>Traders will see the strength of the pullback (bounce), if any. If it is weak and lacks sustained follow-through buying and stalls around the 20-day EMA or the bear trend line area, the odds of another leg down will increase.<\/li>\n\n\n\n<li>For now, the move down is strong enough to favor at least a small second leg sideways to down after a slightly larger pullback.<\/li>\n\n\n\n<li>Traders will see if the bulls can create some buying pressure. If the buying remains sideways and weak, the odds of a retest of the February 14 low and a breakout below it will increase.<\/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 candlestick was a EURUSD outside doji, stalling around the December 8 low area. The bulls want a reversal from a double bottom bull flag (Dec 8 and Feb 14). The bears want the 20-week EMA to act as resistance followed by at least a small leg sideways to down [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":200763,"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-200649","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\/02\/EURUSD-Weekly-Stall-at-Dec-8-Low-Minor-Pullback.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\/200649","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=200649"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/200649\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/200763"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=200649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=200649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=200649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}