{"id":213584,"date":"2024-07-28T01:30:00","date_gmt":"2024-07-28T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=213584"},"modified":"2024-07-28T01:08:29","modified_gmt":"2024-07-28T08:08:29","slug":"weekly-eurusd-pullback","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/weekly-eurusd-pullback\/","title":{"rendered":"Weekly EURUSD Pullback"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The market formed a weekly EURUSD pullback, testing near the 2-week EMA. The bears need to create follow-through selling next week (preferably closing below the 20-week EMA) to increase the odds of a deep pullback. The bulls want at least a small second leg sideways to up to retest the July 17 high and want the 20-week 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>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-Pullback-Testing-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-Pullback-Testing-20-Week-EMA-680x383.jpg\" alt=\"EURUSD Weekly: Pullback Testing 20-Week EMA, Weekly EURUSD Pullback\" class=\"wp-image-213724\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-Pullback-Testing-20-Week-EMA-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-Pullback-Testing-20-Week-EMA-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-Pullback-Testing-20-Week-EMA-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-Pullback-Testing-20-Week-EMA-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-Pullback-Testing-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 bear bar with a long tail below, closing below the middle of its range.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-bear-doji\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the first pullback may only be minor. Traders will see if the bears can create a strong entry bar or if the market trades slightly lower but stalls and reverses higher.<\/li>\n\n\n\n<li>The market traded lower in the first half of the week followed by sideways trading, closing off its low.<\/li>\n\n\n\n<li>Previously, the bulls had 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 created a 4-bar bull microchannel closing above the 20-week EMA testing near the bear trend line. That means strong bulls.<\/li>\n\n\n\n<li>They want at least a small second leg sideways to up to retest the July 17 high and want the 20-week EMA to act as support.<\/li>\n\n\n\n<li>They 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 bears see the recent move simply as a buy vacuum and a bull leg within a trading range.<\/li>\n\n\n\n<li>They want a reversal from a wedge bear flag (Mar 8, Jun 4, and Jul 17) or a double top bear flag (Jun 4 and July 17) from around the top of the triangle pattern.<\/li>\n\n\n\n<li>They need to create follow-through selling next week (preferably closing below the 20-week EMA) to increase the odds of a deep pullback.<\/li>\n\n\n\n<li>If the market trades higher, they want a reversal from a small double top with July 17 and the bear trend line to act as resistance.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bear bar closing in its lower half with a long tail below, it is a sell signal bar for next week albeit weaker.<\/li>\n\n\n\n<li>Because it is following a 4-bar bull microchannel, traders want to see if there are buyers below the first pullback.<\/li>\n\n\n\n<li>For now, traders will see if the bears can create a follow-through bear bar.<\/li>\n\n\n\n<li>Or will the market stall around the 20-week EMA followed by a retest of the July 17 high?<\/li>\n\n\n\n<li>The market is trading around the upper third of the trading range which can be the sell zone of trading range traders.<\/li>\n\n\n\n<li>The bear trendline is an area of resistance.<\/li>\n\n\n\n<li>The EURUSD is in an 88-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-Pullback-to-20-Day-EMA-Middle-of-TR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Pullback-to-20-Day-EMA-Middle-of-TR-680x383.jpg\" alt=\"EURUSD Daily: Pullback to 20-Day EMA, Middle of TR\" class=\"wp-image-213727\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Pullback-to-20-Day-EMA-Middle-of-TR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Pullback-to-20-Day-EMA-Middle-of-TR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Pullback-to-20-Day-EMA-Middle-of-TR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Pullback-to-20-Day-EMA-Middle-of-TR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Pullback-to-20-Day-EMA-Middle-of-TR.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 lower in the first half of the week. The market then stalled around the 20-day EMA for the rest of the week.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-bear-doji\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor a minor pullback (likely 2-legged) which may have started last week.<\/li>\n\n\n\n<li>Previously, 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 created a tight bull channel trading far above the 20-day EMA.<\/li>\n\n\n\n<li>While the market traded above the June high, there was no follow-through buying.<\/li>\n\n\n\n<li>They see the current move simply as a pullback.<\/li>\n\n\n\n<li>They want at least a small second leg sideways to up to retest the recent leg extreme high (Jul 17) even if it forms a lower high.<\/li>\n\n\n\n<li>The bulls want the 20-day EMA to act as support.<\/li>\n\n\n\n<li>The bears see the prior move simply as a buy vacuum testing the trading range high and the bear trend line.<\/li>\n\n\n\n<li>They see a larger wedge bear flag forming (Mar 8, Jun 4, and Jul 17), a double top bear flag (Jun 4 and Jul 17) and a parabolic wedge (Jul 5, Jul 12, and Jul 17).<\/li>\n\n\n\n<li>They got a reversal from around the upper third of the trading range and from the bear trend line area.<\/li>\n\n\n\n<li>If the market trades higher, they want a second leg sideways to down to retest the current leg extreme low (now Jul 24).<\/li>\n\n\n\n<li>They need to create follow-through selling trading far below the 20-day EMA to increase the odds of testing the June low.<\/li>\n\n\n\n<li>The move up from June 26 is in a tight bull channel therefore strong.<\/li>\n\n\n\n<li>Traders expect at least a small second leg sideways to up to retest the recent leg extreme high (Jul 17) after the pullback.<\/li>\n\n\n\n<li>If the retest of the high is weak and sideways, forming a lower high, odds slightly favor at least another leg down after that.<\/li>\n\n\n\n<li>For now, odds slightly favor the market to still be in the sideways to down pullback phase.<\/li>\n\n\n\n<li>Traders will see if the bears can continue to create follow-through selling trading below the 20-day EMA.<\/li>\n\n\n\n<li>If the bears get strong consecutive bear bars trading far below the 20-day EMA, it could swing the odds in favor of the bear leg beginning.<\/li>\n\n\n\n<li>Or will the market stall around the 20-day EMA followed by a small retest of the July 17 high?<\/li>\n\n\n\n<li>The market is trading near the middle of the trading range which can be an area balance.<\/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 pullback, testing near the 2-week EMA. The bears need to create follow-through selling next week (preferably closing below the 20-week EMA) to increase the odds of a deep pullback. The bulls want at least a small second leg sideways to up to retest the July [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":213724,"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-213584","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-Pullback-Testing-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\/213584","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=213584"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/213584\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/213724"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=213584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=213584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=213584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}