{"id":222716,"date":"2024-11-10T01:30:00","date_gmt":"2024-11-10T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=222716"},"modified":"2024-11-10T00:57:25","modified_gmt":"2024-11-10T08:57:25","slug":"weekly-eurusd-second-leg-sideways-to-down","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/weekly-eurusd-second-leg-sideways-to-down\/","title":{"rendered":"Weekly EURUSD Second Leg Sideways to Down"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The market formed a weekly EURUSD second leg sideways to down to test near the June low. The bears want a retest of the April and the October lows. The bulls see the current move as a sell vacuum and a bear leg within a trading range. They want the June or April lows 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\/11\/EURUSD-Weekly-2nd-Leg-Sideways-to-Down.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Weekly-2nd-Leg-Sideways-to-Down-680x383.jpg\" alt=\"EURUSD Weekly - 2nd Leg Sideways to Down, Weekly EURUSD Second Leg Sideways to Down\" class=\"wp-image-222878\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Weekly-2nd-Leg-Sideways-to-Down-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Weekly-2nd-Leg-Sideways-to-Down-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Weekly-2nd-Leg-Sideways-to-Down-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Weekly-2nd-Leg-Sideways-to-Down-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Weekly-2nd-Leg-Sideways-to-Down.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 big outside bear bar closing in its lower half with a small tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/monthly-eurusd-pullback\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said sellers may be above the first pullback following the strong 5-bar bear microchannel. Traders would see if the bears could create a strong retest and breakout below the August low and the bull trend line or if the market would stall around that area instead.<\/li>\n\n\n\n<li>The market traded higher in the first half of the week testing the 20-week EMA but reversed sharply lower on Wednesday.<\/li>\n\n\n\n<li>The bears wanted sellers above the first pullback (from the 5-bar bear microchannel) and the 20-week EMA to act as resistance. They got what they wanted.<\/li>\n\n\n\n<li>They got a strong bear leg testing the near the June low and breaking below the bull trend line.<\/li>\n\n\n\n<li>Next, the bears want a retest of the April and the October lows.<\/li>\n\n\n\n<li>They need to create more follow-through selling following this week\u2019s breakout below the bull trend line to increase the odds of testing the trading range low.<\/li>\n\n\n\n<li>The bulls want the market to form a higher low, followed by a retest of the September 25 high.<\/li>\n\n\n\n<li>They see the current move as a sell vacuum and a bear leg within a trading range.<\/li>\n\n\n\n<li>They want the June or April lows to act as support.<\/li>\n\n\n\n<li>They hope to get a failed breakout below the bull trend line. They hope to get a reversal from a wedge pattern (Oct 10, Oct 17, and Nov 6) and a large double bottom bull flag (Jun 26 and Nov 6).<\/li>\n\n\n\n<li>They must create consecutive bull bars closing near their highs to indicate that they are back in control.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a big outside bear bar closing in its lower half, it is a sell signal bar for next week.<\/li>\n\n\n\n<li>The market may still trade slightly lower to test the June low area.<\/li>\n\n\n\n<li>Traders will see if the bears can create a strong follow-through bear bar or if the market will trade slightly lower but reverse to close with a long tail or a bull body instead.<\/li>\n\n\n\n<li>Sometimes, the candlestick following an outside bar is an inside bar or has a lot of overlapping price action.<\/li>\n\n\n\n<li>The market is trading near the lower third of the trading range which can be the buy zone of trading range traders.<\/li>\n\n\n\n<li>The EURUSD is in a 104-week trading range. (Trading range high: July 2023, low: October 2023).\u00a0<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) within a trading range until a\u00a0breakout with follow-through selling\/buying.<\/li>\n\n\n\n<li>That means buying in the lower third and selling near the upper third of the large 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\/11\/EURUSD-Daily-2nd-Leg-Sideways-to-Down.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Daily-2nd-Leg-Sideways-to-Down-680x383.jpg\" alt=\"EURUSD Daily - 2nd Leg Sideways to Down\" class=\"wp-image-222881\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Daily-2nd-Leg-Sideways-to-Down-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Daily-2nd-Leg-Sideways-to-Down-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Daily-2nd-Leg-Sideways-to-Down-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Daily-2nd-Leg-Sideways-to-Down-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/EURUSD-Daily-2nd-Leg-Sideways-to-Down.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 in the first half of the week but reversed sharply lower on Wednesday. Thursday was an inside bar pullback followed by some follow-through selling on Friday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-eurusd-bear-leg\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that the move down had lasted a long time and was climactic. The odds slightly favor a minor pullback (testing near the 20-day EMA), followed by at least a small second leg sideways to down after that.<\/li>\n\n\n\n<li>The bulls see the current move as a sell vacuum and a bear leg test of the June low.<\/li>\n\n\n\n<li>They see the market as being in a broad bull channel.<\/li>\n\n\n\n<li>They want the pullback to form a higher low followed by a retest of the September 25 High.<\/li>\n\n\n\n<li>They want a reversal from a lower low major trend reversal (Nov vs Oct), a wedge pattern (Oct 4, Oct 23, and Nov 6) and a micro double bottom (Nov 6 and Nov 8).<\/li>\n\n\n\n<li>They hope the June or April lows will act as support.<\/li>\n\n\n\n<li>They must create consecutive bull bars closing near their highs to indicate that they are back in control.<\/li>\n\n\n\n<li>The bears expected at least a small second leg sideways to down after a larger pullback. They got what they wanted.<\/li>\n\n\n\n<li>The next targets for the bears are the June and April lows.<\/li>\n\n\n\n<li>If there is a pullback, they want the 20-day EMA or the bear trend line to act as resistance followed by a reversal from a double top bear flag (with the Nov 6 high).<\/li>\n\n\n\n<li>So far, the bear leg is strong but also slightly climactic.<\/li>\n\n\n\n<li>The market may still trade slightly lower (probably testing the June low area).<\/li>\n\n\n\n<li>Traders will see if the bears can get a strong retest and breakout below the June low.<\/li>\n\n\n\n<li>Or will the market trade slightly lower but stall around the June or April lows area instead?<\/li>\n\n\n\n<li>The lower third of the large trading range can be the buy 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<\/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 second leg sideways to down to test near the June low. The bears want a retest of the April and the October lows. The bulls see the current move as a sell vacuum and a bear leg within a trading range. They want the June [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":222878,"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-222716","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\/11\/EURUSD-Weekly-2nd-Leg-Sideways-to-Down.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\/222716","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=222716"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/222716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/222878"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=222716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=222716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=222716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}