{"id":217059,"date":"2024-09-08T01:30:00","date_gmt":"2024-09-08T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=217059"},"modified":"2024-09-08T00:57:13","modified_gmt":"2024-09-08T07:57:13","slug":"2-legged-eurusd-pullback","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/2-legged-eurusd-pullback\/","title":{"rendered":"2-Legged EURUSD Pullback"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The bulls hope that the market is simply forming a 2-legged EURUSD pullback and want a resumption of the bull leg after the pullback phase. The bears want a reversal from around the upper third of the large trading range from a double top bear flag (Dec 28 and Aug 23) and a micro double top (Aug 23 and Aug 26).<\/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\/09\/EURUSD-Weekly-No-FT-Selling-2-Legged-PB-or-LH-MTR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Weekly-No-FT-Selling-2-Legged-PB-or-LH-MTR-680x383.jpg\" alt=\"EURUSD Weekly: No FT Selling, 2-Legged PB or LH MTR?, 2-Legged EURUSD Pullback\" class=\"wp-image-217402\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Weekly-No-FT-Selling-2-Legged-PB-or-LH-MTR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Weekly-No-FT-Selling-2-Legged-PB-or-LH-MTR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Weekly-No-FT-Selling-2-Legged-PB-or-LH-MTR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Weekly-No-FT-Selling-2-Legged-PB-or-LH-MTR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Weekly-No-FT-Selling-2-Legged-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\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 bull bar with a long tail above closing in its lower half.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/monthly-eurusd-buy-vacuum\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor the market to trade at least a little lower. Traders will see if the bears can create a follow-through bear bar or will the market trade slightly lower but close with a long tail or bull body instead?<\/li>\n\n\n\n<li>The market traded lower earlier but reversed higher from midweek onwards. Friday traded higher but reversed to close off the week\u2019s high.<\/li>\n\n\n\n<li>Previously, the bulls got a breakout above the December 28 high. However, they could not create follow-through buying following the breakout.<\/li>\n\n\n\n<li>They want at least a small retest of the August 26 high. The market formed a retest of the August high this week. However, it formed a lower high and was not a strong bull bar.<\/li>\n\n\n\n<li>The bulls hope that the market is simply forming a two-legged pullback and want a resumption of the bull leg after the pullback phase.<\/li>\n\n\n\n<li>If the market trades lower, they hope that the bull trend line or the 20-week EMA will act as support.<\/li>\n\n\n\n<li>The bears see that the lack of follow-through buying (following the breakout above the December high) suggests that the recent rally could be a buy vacuum test of the trading range high (July).<\/li>\n\n\n\n<li>They want a reversal from around the upper third of the large trading range from a double top bear flag (Dec 28 and Aug 23) and a micro double top (Aug 23 and Aug 26).<\/li>\n\n\n\n<li>They were not able to create a follow-through bear bar this week.<\/li>\n\n\n\n<li>They see this week as a pullback and hope to get another leg down testing near the 20-week EMA.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bull bar closing in its lower half with a long tail above, it is not a strong buy signal bar for next week.<\/li>\n\n\n\n<li>Odds slightly favor the market to remain in the sideways to down pullback phase.<\/li>\n\n\n\n<li>Traders will see if the bears can create another leg down testing near the 20-week EMA.<\/li>\n\n\n\n<li>Or will the market stall around the September 3 low area instead?<\/li>\n\n\n\n<li>The market trades around the upper third of the large trading range which can be the sell zone of trading range traders.<\/li>\n\n\n\n<li>The EURUSD is in a 94-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\/09\/EURUSD-Daily-LH-MTR-or-2-Legged-Pullback.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Daily-LH-MTR-or-2-Legged-Pullback-680x383.jpg\" alt=\"EURUSD Daily: LH MTR or 2-Legged Pullback?\" class=\"wp-image-217405\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Daily-LH-MTR-or-2-Legged-Pullback-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Daily-LH-MTR-or-2-Legged-Pullback-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Daily-LH-MTR-or-2-Legged-Pullback-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Daily-LH-MTR-or-2-Legged-Pullback-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/EURUSD-Daily-LH-MTR-or-2-Legged-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>The EURUSD traded slightly lower earlier in the week but reversed higher from midweek onwards. Friday traded higher but reversed into a bear bar with a long tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-eurusd-follow-through\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that traders would see if the bulls could create a retest of the July high or if the market would trade slightly higher but stall and form a minor pullback. If there is a pullback, traders expect at least a small sideways to up leg to retest the leg extreme high (Aug 23).<\/li>\n\n\n\n<li>The market formed a minor pullback followed by a second leg sideways to up testing the recent leg high (Aug 23) on Friday creating a lower high.<\/li>\n\n\n\n<li>Previously, the Bulls created a tight bull channel with strong consecutive bull bars testing the December high.<\/li>\n\n\n\n<li>They see the current move simply as a two-legged pullback.<\/li>\n\n\n\n<li>They want a strong retest of the August high and a breakout with follow-through buying after the current pullback<\/li>\n\n\n\n<li>The bulls want the 20-day EMA and the bull trend line to act as support.<\/li>\n\n\n\n<li>The bears see the prior rally as a buy vacuum test of the trading range high.<\/li>\n\n\n\n<li>They got a reversal from a parabolic wedge (Aug 5, Aug 14, and Aug 23) and a failed breakout above the December high from around the upper third of the large trading range.<\/li>\n\n\n\n<li>They see this week as a retest of the prior leg high (Aug 23) and want a reversal from a lower high major trend reversal.<\/li>\n\n\n\n<li>They must create consecutive bear bars closing near their lows and trading far below the 20-day EMA to increase the odds of the bear leg beginning.<\/li>\n\n\n\n<li>Since Friday was a bear bar closing in its lower half, it is a sell signal bar for Monday.<\/li>\n\n\n\n<li>The market may still be in the sideways to down pullback phase.<\/li>\n\n\n\n<li>Traders will see if the bears can create another leg down or if the market will trade slightly lower but stall around the 20-day EMA area.<\/li>\n\n\n\n<li>If the bears get strong consecutive bear bars trading far below the 20-day EMA, that will increase the odds of the bear leg beginning.<\/li>\n\n\n\n<li>If the market continues to stall around the 20-day EMA, that will increase the odds of another retest of the August 23 high.<\/li>\n\n\n\n<li>The market is trading near the upper third of the large trading range which can be the sell zone of trading range traders.<\/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 The bulls hope that the market is simply forming a 2-legged EURUSD pullback and want a resumption of the bull leg after the pullback phase. The bears want a reversal from around the upper third of the large trading range from a double top bear flag (Dec 28 and Aug 23) [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":217402,"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-217059","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\/09\/EURUSD-Weekly-No-FT-Selling-2-Legged-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\/217059","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=217059"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/217059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/217402"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=217059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=217059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=217059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}