{"id":214688,"date":"2024-08-11T01:30:00","date_gmt":"2024-08-11T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=214688"},"modified":"2024-08-10T12:06:11","modified_gmt":"2024-08-10T19:06:11","slug":"no-weekly-eurusd-breakout","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/no-weekly-eurusd-breakout\/","title":{"rendered":"No Weekly EURUSD Breakout"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>So far, there is no weekly EURUSD breakout above the triangle pattern. The bulls hope this week was a pullback and want the market to break out above the triangle again. The bears want a reversal from around the top of the triangle pattern and the bear trend line to act as resistance.<\/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\/08\/EURUSD-Weekly-2nd-Leg-Up-No-Breakout-Yet.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-2nd-Leg-Up-No-Breakout-Yet-680x383.jpg\" alt=\"EURUSD Weekly: 2nd Leg Up, No Breakout Yet, No Weekly EURUSD Breakout\" class=\"wp-image-214846\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-2nd-Leg-Up-No-Breakout-Yet-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-2nd-Leg-Up-No-Breakout-Yet-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-2nd-Leg-Up-No-Breakout-Yet-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-2nd-Leg-Up-No-Breakout-Yet-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-2nd-Leg-Up-No-Breakout-Yet.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 doji closing below the middle of its range with a long tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/monthly-eurusd-tight-trading-range\/\" 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 breaking above the triangle or if the market will trade slightly higher but stall and close with a long tail or a bear body.<\/li>\n\n\n\n<li>The bulls got a small second leg sideways to up to retest the July 17 high and a breakout above the triangle.<\/li>\n\n\n\n<li>However, they were not able to get sustained follow-through buying following the breakout.<\/li>\n\n\n\n<li>They hope this week was a pullback and want the market to break out above the triangle again.<\/li>\n\n\n\n<li>If the market trades lower, they want the 20-week EMA to act as support.<\/li>\n\n\n\n<li>The bears see this week as a retest of the July 17 high.<\/li>\n\n\n\n<li>They want a reversal from a large wedge bear flag (Mar 8, Jun 4, and Jul 17) and a smaller wedge (Jun 4, Jul 17, and Aug 5).<\/li>\n\n\n\n<li>They want a reversal from around the top of the triangle pattern and the bear trend line to act as resistance.<\/li>\n\n\n\n<li>They must create a strong entry bar with follow-through selling trading far below the 20-week EMA to show they are back in control.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bear doji closing slightly below the middle of its range, it is a neutral signal bar for next week.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a retest of the August 5 high with follow-through buying.<\/li>\n\n\n\n<li>Or will the market continue to stall around the triangle top followed by the beginning of the bear leg phase?<\/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 a 90-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\/08\/EURUSD-Daily-No-Strong-Breakout-Yet.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-No-Strong-Breakout-Yet-680x383.jpg\" alt=\"EURUSD Daily: No Strong Breakout Yet\" class=\"wp-image-214849\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-No-Strong-Breakout-Yet-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-No-Strong-Breakout-Yet-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-No-Strong-Breakout-Yet-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-No-Strong-Breakout-Yet-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-No-Strong-Breakout-Yet.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 followed by a pullback to the 20-day EMA for the rest of the week.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-eurusd-pullback\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that traders would see if the bears can continue to create follow-through selling trading below the 20-day EMA. Traders expect at least a small second leg sideways to up to retest the leg extreme high (Jul 17) after the pullback.<\/li>\n\n\n\n<li>The bulls got a second leg sideways to up to retest the prior leg high (Jul 17) and break above the triangle.<\/li>\n\n\n\n<li>However, they couldn&#8217;t create follow-through buying following the breakout on Monday.<\/li>\n\n\n\n<li>They see the sideways-to-down move this week simply as a pullback.<\/li>\n\n\n\n<li>They want at least a small sideways to up leg to retest the August 5 high and a strong breakout above the triangle.<\/li>\n\n\n\n<li>If the market trades lower, the bulls want the 20-day EMA to act as support.<\/li>\n\n\n\n<li>The bears see a larger wedge bear flag forming (Mar 8, Jun 4, and Jul 17) and another wedge pattern in the current leg up (Jun 4, Jul 17, and Aug 5).<\/li>\n\n\n\n<li>They want a reversal from around the upper third of the trading range and the bear trend line area.<\/li>\n\n\n\n<li>They want the top of the triangle to continue acting as resistance.<\/li>\n\n\n\n<li>They must 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>So far, the move up to the August 5 high is strong enough to increase the odds of at least a small sideways to up leg.<\/li>\n\n\n\n<li>We may see at least a small retest of the August 5 high (perhaps early next week), even if it only lasts 1 or 2 candlesticks.<\/li>\n\n\n\n<li>If the retest of the high is weak and lacks follow-through buying, we may start to see more selling pressure after that.<\/li>\n\n\n\n<li>If the bulls can create a strong breakout above the triangle with follow-through buying instead, it will increase the odds of retesting the trading range high (Dec 28).<\/li>\n\n\n\n<li>For now, traders will see if the bulls can create a strong retest of the August 5 high.<\/li>\n\n\n\n<li>Or will the market stall around the triangle top area followed by more selling pressure?<\/li>\n\n\n\n<li>The market is trading near the upper third of the triangle which can be the sell zone of trading range traders.<\/li>\n\n\n\n<li>The top of the triangle is an area of resistance.<\/li>\n\n\n\n<li>Traders will continue to\u00a0BLSH (Buy Low, Sell High) within a trading range until\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 So far, there is no weekly EURUSD breakout above the triangle pattern. The bulls hope this week was a pullback and want the market to break out above the triangle again. The bears want a reversal from around the top of the triangle pattern and the bear trend line to act [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":214846,"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-214688","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\/08\/EURUSD-Weekly-2nd-Leg-Up-No-Breakout-Yet.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\/214688","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=214688"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/214688\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/214846"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=214688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=214688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=214688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}