The Weekly<\/em> EURUSD chart<\/h3>\n\n\n\n![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Weekly-BO-Pullback-Bulls-Want-Another-Leg-Up-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This\u00a0week\u2019s\u00a0candlestick on the\u00a0weekly EURUSD Forex chart<\/a> was a doji bar closing in its upper half.<\/li>\n\n\n\n
- Last week<\/a>, we said the market may still be in the sideways to up pullback phase. Traders would see if the bulls could create a strong bull entry bar (a follow-through bull bar) or if the market would trade slightly higher but close with a bear body or a long tail above.<\/li>\n\n\n\n
- The market traded above last week\u2019s high but closed as a doji bar and has a lot of overlapping range with the previous week\u2019s candlestick.<\/li>\n\n\n\n
- Previously, the bears got a strong bear leg breaking below the trading range low.<\/li>\n\n\n\n
- They see the last two weeks as a breakout pullback. They want a retest of the trading range low followed by a strong breakout and measured move based on the height of the trading range.<\/li>\n\n\n\n
- Because of the strong leg down (from Sept), the bears expect to get (at least) a small sideways to down leg to retest the recent extreme low (Nov 22) after the pullback.<\/li>\n\n\n\n
- They want another leg down to complete the wedge pattern (the first two legs being Oct 23 and Nov 22).<\/li>\n\n\n\n
- The bulls see the move to the November 22 low as a sell vacuum and a bear leg within a trading range.<\/li>\n\n\n\n
- They want a failed breakout and the trading range low to act as support followed by a retest of the middle of the trading range (around the 20-week EMA).<\/li>\n\n\n\n
- They want a reversal from a large double bottom bull flag (Oct 3 and Nov 22).<\/li>\n\n\n\n
- While this week traded slightly higher, the bulls couldn’t get a strong entry bar and a follow-through bull bar.<\/li>\n\n\n\n
- They hope this week was simply a pullback and want at least another sideways to up leg (a two-legged pullback) to retest near the 20-week EMA area.<\/li>\n\n\n\n
- If the market trades lower, they see it as a retest of the prior leg’s extreme low and want a higher low major trend reversal and a small double bottom with the November 22 low.<\/li>\n\n\n\n
- They must create consecutive bull bars closing near their highs to indicate that they are back in control.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a doji bar, it is not a strong signal bar for next week.<\/li>\n\n\n\n
- For now, the market may still be in the sideways to up pullback phase.<\/li>\n\n\n\n
- Traders will see if the bulls can create another leg higher (a two-legged pullback) and close with a strong bull bar.<\/li>\n\n\n\n
- Or if the market will trade slightly higher but close with a bear body or a long tail above instead?<\/li>\n\n\n\n
- The prior bear leg was strong and in a tight bear channel. The odds still slightly favor at least a small sideways to down leg after the current pullback.<\/li>\n\n\n\n
- The longer the bulls can maintain a sideways to up leg by creating strong bull bars (and bear bars with no follow-through selling), the more the odds will swing in favor of a failed breakout and the bull leg beginning.<\/li>\n\n\n\n
- Most breakouts from trading ranges fail and odds favor the trading range to continue.<\/li>\n\n\n\n
- The market is trading around the lower third of the trading range which can be the buy zone of trading range traders.<\/li>\n\n\n\n
- The EURUSD is in a 108-week trading range. (Trading range high: July 2023, low: October 2023).\u00a0<\/li>\n\n\n\n
- Traders will BLSH (Buy Low, Sell High) within a trading range until a\u00a0breakout with follow-through selling\/buying.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> EURUSD chart<\/h3>\n\n\n\n![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Daily-BO-Pullback-Bulls-Want-3-or-4-Legged-Pullback-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n
![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Weekly-BO-Pullback-Bulls-Want-Another-Leg-Up.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This\u00a0week\u2019s\u00a0candlestick on the\u00a0weekly EURUSD Forex chart<\/a> was a doji bar closing in its upper half.<\/li>\n\n\n\n
- Last week<\/a>, we said the market may still be in the sideways to up pullback phase. Traders would see if the bulls could create a strong bull entry bar (a follow-through bull bar) or if the market would trade slightly higher but close with a bear body or a long tail above.<\/li>\n\n\n\n
- The market traded above last week\u2019s high but closed as a doji bar and has a lot of overlapping range with the previous week\u2019s candlestick.<\/li>\n\n\n\n
- Previously, the bears got a strong bear leg breaking below the trading range low.<\/li>\n\n\n\n
- They see the last two weeks as a breakout pullback. They want a retest of the trading range low followed by a strong breakout and measured move based on the height of the trading range.<\/li>\n\n\n\n
- Because of the strong leg down (from Sept), the bears expect to get (at least) a small sideways to down leg to retest the recent extreme low (Nov 22) after the pullback.<\/li>\n\n\n\n
- They want another leg down to complete the wedge pattern (the first two legs being Oct 23 and Nov 22).<\/li>\n\n\n\n
- The bulls see the move to the November 22 low as a sell vacuum and a bear leg within a trading range.<\/li>\n\n\n\n
- They want a failed breakout and the trading range low to act as support followed by a retest of the middle of the trading range (around the 20-week EMA).<\/li>\n\n\n\n
- They want a reversal from a large double bottom bull flag (Oct 3 and Nov 22).<\/li>\n\n\n\n
- While this week traded slightly higher, the bulls couldn’t get a strong entry bar and a follow-through bull bar.<\/li>\n\n\n\n
- They hope this week was simply a pullback and want at least another sideways to up leg (a two-legged pullback) to retest near the 20-week EMA area.<\/li>\n\n\n\n
- If the market trades lower, they see it as a retest of the prior leg’s extreme low and want a higher low major trend reversal and a small double bottom with the November 22 low.<\/li>\n\n\n\n
- They must create consecutive bull bars closing near their highs to indicate that they are back in control.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a doji bar, it is not a strong signal bar for next week.<\/li>\n\n\n\n
- For now, the market may still be in the sideways to up pullback phase.<\/li>\n\n\n\n
- Traders will see if the bulls can create another leg higher (a two-legged pullback) and close with a strong bull bar.<\/li>\n\n\n\n
- Or if the market will trade slightly higher but close with a bear body or a long tail above instead?<\/li>\n\n\n\n
- The prior bear leg was strong and in a tight bear channel. The odds still slightly favor at least a small sideways to down leg after the current pullback.<\/li>\n\n\n\n
- The longer the bulls can maintain a sideways to up leg by creating strong bull bars (and bear bars with no follow-through selling), the more the odds will swing in favor of a failed breakout and the bull leg beginning.<\/li>\n\n\n\n
- Most breakouts from trading ranges fail and odds favor the trading range to continue.<\/li>\n\n\n\n
- The market is trading around the lower third of the trading range which can be the buy zone of trading range traders.<\/li>\n\n\n\n
- The EURUSD is in a 108-week trading range. (Trading range high: July 2023, low: October 2023).\u00a0<\/li>\n\n\n\n
- Traders will BLSH (Buy Low, Sell High) within a trading range until a\u00a0breakout with follow-through selling\/buying.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> EURUSD chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n - Last week<\/a>, we said the market may still be in the sideways to up pullback phase. Traders would see if the bulls could create a strong bull entry bar (a follow-through bull bar) or if the market would trade slightly higher but close with a bear body or a long tail above.<\/li>\n\n\n\n