{"id":202717,"date":"2024-03-17T01:30:00","date_gmt":"2024-03-17T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=202717"},"modified":"2024-03-17T01:16:59","modified_gmt":"2024-03-17T08:16:59","slug":"no-eurusd-follow-through-buying","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/no-eurusd-follow-through-buying\/","title":{"rendered":"No EURUSD Follow-through Buying"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>There was no EURUSD follow-through buying on the weekly chart. Is this simply a pullback to be followed by another leg up completing the wedge pattern (with the first two legs being February 22 and March 8), or is the market forming a lower high major trend reversal? Traders will see if the bears can create a strong follow-through bear bar closing below the 20-week EMA.<\/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\/03\/EURUSD-Weekl-No-Follow-through-Buying-PB-or-LH-MTR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekl-No-Follow-through-Buying-PB-or-LH-MTR-680x383.jpg\" alt=\"EURUSD Weekly: No Follow-through Buying, PB or LH MTR?, No EURUSD Follow-through Buying\" class=\"wp-image-202870\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekl-No-Follow-through-Buying-PB-or-LH-MTR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekl-No-Follow-through-Buying-PB-or-LH-MTR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekl-No-Follow-through-Buying-PB-or-LH-MTR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekl-No-Follow-through-Buying-PB-or-LH-MTR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekl-No-Follow-through-Buying-PB-or-LH-MTR.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 inside bear bar closing near its low.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-two-legged-pullback\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders will see if the bulls can create follow-through buying or will the bears be able to create a reversal back below the 20-week EMA instead.<\/li>\n\n\n\n<li>The bulls were not able to get a follow-through bull bar following last week\u2019s close above the 20-week EMA.<\/li>\n\n\n\n<li>They want a retest of the December high followed by a breakout above.<\/li>\n\n\n\n<li>They got a reversal from a double bottom bull flag (Dec 8 and Feb 14) and see the recent pullback (from Dec to Feb) as minor.<\/li>\n\n\n\n<li>The move-up consists of a 5-bar bull microchannel which means consistent buying. There may be buyers below the first pullback.<\/li>\n\n\n\n<li>If the market trades lower, they want the 20-week EMA or the bull trend line to act as support.&nbsp;<\/li>\n\n\n\n<li>They hope to get at least another leg up completing the wedge with the first two legs being February 22 and March 8.<\/li>\n\n\n\n<li>The bears 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 see the current pullback (bounce) as forming another lower high major trend reversal (against Dec high).<\/li>\n\n\n\n<li>They want the market to reverse back below the 20-week EMA and a breakout below the large triangle pattern.<\/li>\n\n\n\n<li>If the market trades higher, they want a reversal from a wedge bear flag (with the first two legs being February 22 and March 8) and a large double top bear flag with the December high.<\/li>\n\n\n\n<li>Since this week is an inside bear bar closing near its low, the market is in breakout mode. It is a sell signal bar for next week.<\/li>\n\n\n\n<li>Odds slightly favor a breakout below the inside bar first. The first breakout can fail 50% of the time.<\/li>\n\n\n\n<li>There may be buyers below the first pullback from a tight 5-bar bull microchannel.<\/li>\n\n\n\n<li>Traders will see if the bears can create a follow-through bear bar closing back below the 20-week EMA. If they do, the odds of a retest of the February low will increase.<\/li>\n\n\n\n<li>Or will the market remain in the tight bull channel and form another leg higher?&nbsp;<\/li>\n\n\n\n<li>The market is trading around the middle of the trading range. Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>The EURUSD is in a 68-week trading range. (Trading range high: July 2023, Trading range low: Oct 2023).&nbsp;<\/li>\n\n\n\n<li>The EURUSD has been in a smaller trading range in the last 18 weeks.&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<\/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\/03\/EURUSD-Daily-PB-then-Wedge-or-LH-MTR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-PB-then-Wedge-or-LH-MTR-680x383.jpg\" alt=\"EURUSD Daily: PB then Wedge, or LH MTR?\" class=\"wp-image-202873\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-PB-then-Wedge-or-LH-MTR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-PB-then-Wedge-or-LH-MTR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-PB-then-Wedge-or-LH-MTR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-PB-then-Wedge-or-LH-MTR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-PB-then-Wedge-or-LH-MTR.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 formed a small pullback earlier in the week, followed by a retest of the prior high (Mar 8). The market spiked down on Thursday but stalled at the 20-day EMA Friday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-two-legged-pullback\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the pullback is strong enough to slightly favor at least a small sideways to up leg after a small pullback. Traders will see if the bulls can create more buying pressure, or will more selling pressure start to develop around the trading range high area instead?<\/li>\n\n\n\n<li>The bulls see the move down (to Feb low) as forming a double bottom bull flag (Dec 8 and Feb 14) and a wedge bull flag (Jan 5, Feb 6, and Feb 14).&nbsp;<\/li>\n\n\n\n<li>They want at least a TBTL (Ten Bars, Two Legs) pullback. The recent pullback has fulfilled the minimum requirement.<\/li>\n\n\n\n<li>They hope to get another leg up, completing the wedge pattern with the first two legs being February 22 and March 8.<\/li>\n\n\n\n<li>They want the 20-day EMA or the bull trend line to act as support.<\/li>\n\n\n\n<li>If the market trades lower, they want a reversal from a higher low major trend reversal or a wedge bull flag with the first two legs being December 8 and February 14.<\/li>\n\n\n\n<li>Previously, the bears were able to able to create sideways to down trading below the 20-day EMA (from Dec to Feb), albeit not very strong (a lot of overlapping price action).<\/li>\n\n\n\n<li>They see the recent move simply as a two-legged pullback and a buy vacuum test of the small trading range high area.<\/li>\n\n\n\n<li>They want a reversal from a lower high major trend reversal (against Dec high) and a double top bear flag (Jan 11 and Mar 8).<\/li>\n\n\n\n<li>At a minimum, they want a small retest of the February 14 low (even if it only ends up as a higher low).<\/li>\n\n\n\n<li>If the market trades higher, they want it to stall around the March 8 high area.<\/li>\n\n\n\n<li>For now, traders want to see if the bears can create follow-through selling below the 20-day EMA.<\/li>\n\n\n\n<li>If they can, the odds of the bear leg retesting the February low will increase.<\/li>\n\n\n\n<li>The EURUSD has been in a small trading range in the last 18 weeks.&nbsp;<\/li>\n\n\n\n<li>The market is trading around the middle of the trading range. Poor follow-through and reversals are hallmarks of a trading range.<\/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>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 There was no EURUSD follow-through buying on the weekly chart. Is this simply a pullback to be followed by another leg up completing the wedge pattern (with the first two legs being February 22 and March 8), or is the market forming a lower high major trend reversal? Traders will see [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":202870,"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-202717","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\/03\/EURUSD-Weekl-No-Follow-through-Buying-PB-or-LH-MTR.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\/202717","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=202717"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/202717\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/202870"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=202717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=202717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=202717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}