{"id":212673,"date":"2024-07-14T01:30:00","date_gmt":"2024-07-14T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=212673"},"modified":"2024-07-14T02:29:58","modified_gmt":"2024-07-14T09:29:58","slug":"weekly-eurusd-follow-through-buying","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/weekly-eurusd-follow-through-buying\/","title":{"rendered":"Weekly EURUSD Follow-through buying"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The market formed a weekly EURUSD follow-through buying trading above the 20-week EMA. The bulls need to create a breakout above the June high and the triangle with follow-through buying to increase the odds of a retest of the trading range high (Dec 28). The bears want a reversal from a double top bear flag (Jun 4 and July 12) and from around the top of the triangle pattern.<\/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\/07\/EURUSD-Weekly-FT-Buying-above-20-Week-EMA.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-FT-Buying-above-20-Week-EMA-680x383.jpg\" alt=\"EURUSD Weekly: FT Buying above 20-Week EMA, Weekly EURUSD Follow-through buying\" class=\"wp-image-212816\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-FT-Buying-above-20-Week-EMA-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-FT-Buying-above-20-Week-EMA-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-FT-Buying-above-20-Week-EMA-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-FT-Buying-above-20-Week-EMA-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-FT-Buying-above-20-Week-EMA.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\u00a0week\u2019s\u00a0candlestick on the\u00a0<a href=\"https:\/\/www.investing.com\/currencies\/eur-usd\" target=\"_blank\" rel=\"noreferrer noopener\">weekly EURUSD Forex chart<\/a> was a consecutive bull bar closing near its high testing the June high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-eurusd-wedge\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor the market to trade at least a little higher. Traders will see if the bulls can create a follow-through bull bar or if the market trades slightly higher but stalls.<\/li>\n\n\n\n<li>The bulls got a reversal from a higher low major trend reversal and a wedge bull flag (Feb 14, Apr 16, and Jun 26).<\/li>\n\n\n\n<li>They needed to create consecutive bull bars closing above the 20-week EMA to show they were back in control. They got what they wanted.<\/li>\n\n\n\n<li>They still need to create a breakout above the June high and the triangle with follow-through buying to increase the odds of a retest of the trading range high (Dec 28).<\/li>\n\n\n\n<li>The next targets for the bulls are the March high and the top of the triangle.<\/li>\n\n\n\n<li>The bears see the current move simply as a deep pullback and want another leg down to retest the prior leg low (Jun 26).<\/li>\n\n\n\n<li>They want a reversal from a double top bear flag (Jun 4 and July 12) and from around the top of the triangle pattern.<\/li>\n\n\n\n<li>They want the bear trend line to act as resistance.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bull bar closing near its high, it is a buy signal bar for next week. It is not a sell signal bar.<\/li>\n\n\n\n<li>Odds slightly favor the market to trade at least a little higher.<\/li>\n\n\n\n<li>Traders will see if the bulls can create another follow-through bull bar breaking above the June high.<\/li>\n\n\n\n<li>Or will the market trade slightly higher but stall and close with a long tail above or a bear body?<\/li>\n\n\n\n<li>The EURUSD is in an 86-week trading range. (Trading range high: July 2023, Trading range low: Oct 2023).\u00a0<\/li>\n\n\n\n<li>Traders will continue to\u00a0BLSH (Buy Low, Sell High) within a trading range until a\u00a0breakout with follow-through selling\/buying.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/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\/07\/EURUSD-Daily-Parabolic-Wedge-Bull-Leg-Tight-Bull-Channel.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Parabolic-Wedge-Bull-Leg-Tight-Bull-Channel-680x383.jpg\" alt=\"EURUSD Daily: Parabolic Wedge, Bull Leg, Tight Bull Channel\" class=\"wp-image-212819\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Parabolic-Wedge-Bull-Leg-Tight-Bull-Channel-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Parabolic-Wedge-Bull-Leg-Tight-Bull-Channel-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Parabolic-Wedge-Bull-Leg-Tight-Bull-Channel-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Parabolic-Wedge-Bull-Leg-Tight-Bull-Channel-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Parabolic-Wedge-Bull-Leg-Tight-Bull-Channel.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 up for the week testing near the June high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-eurusd-wedge\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders will see if the bulls can continue to create follow-through buying. Or will the market stall around the bear trend line area and reverse back below the 20-day EMA?<\/li>\n\n\n\n<li>The market continued higher in a tight bull channel.<\/li>\n\n\n\n<li>The bulls got a reversal from a higher low\u00a0major\u00a0trend reversal and a wedge bull flag (Feb 14, Apr 16, and Jun 26).<\/li>\n\n\n\n<li>They managed to get follow-through buying trading far above the 20-day EMA in the form of a 9-bar bull microchannel. That means strong bulls.<\/li>\n\n\n\n<li>They want a breakout above the June high with follow-through buying.<\/li>\n\n\n\n<li>If there is a pullback, they want at least a small second leg sideways to up to retest the current leg extreme high (now Jul 12).<\/li>\n\n\n\n<li>Previously, the bears got another leg down\u00a0completing\u00a0the larger\u00a0wedge pattern\u00a0(Feb\u00a014, Apr 16, and Jun 26).<\/li>\n\n\n\n<li>The third leg down formed a higher low which indicates that the bears are not yet as strong as they hoped to be.<\/li>\n\n\n\n<li>They see the current move simply as a deep pullback and a buy vacuum testing the trading range high (June high).<\/li>\n\n\n\n<li>They see a larger wedge bear flag forming (Mar 8, Jun 4 and the still developing third leg Jul 12) and a double top bear flag (Jun 4 and Jul 12).<\/li>\n\n\n\n<li>They want the bear trend line to act as resistance and want the market to reverse below the 20-day EMA.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can continue to create follow-through buying breaking above the June high and the triangle.<\/li>\n\n\n\n<li>Or will the market stall around the June high or the bear trend line area and pull back to the 20-day EMA?<\/li>\n\n\n\n<li>The current move up is strong enough for traders to expect at least a small second leg sideways to up after a small pullback.<\/li>\n\n\n\n<li>There may be buyers below the first pullback from such a strong bull microchannel.<\/li>\n\n\n\n<li>Traders will continue to\u00a0BLSH (Buy Low, Sell High) within a trading range until\u00a0there is\u00a0a\u00a0breakout with follow-through selling\/buying.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/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 market formed a weekly EURUSD follow-through buying trading above the 20-week EMA. The bulls need to create a breakout above the June high and the triangle with follow-through buying to increase the odds of a retest of the trading range high (Dec 28). The bears want a reversal from a [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":212816,"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-212673","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\/07\/EURUSD-Weekly-FT-Buying-above-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\/212673","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=212673"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/212673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/212816"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=212673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=212673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=212673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}