EURUSD Forex market <\/h2>\n\n\n\nThe Weekly<\/em> EURUSD chart<\/h3>\n\n\n\n![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Weekly-Bear-BO-below-2017-Low-Wedge-Bottom-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly EURUSD Forex chart<\/a> was a big bear breakout bar with a long tail below. It was a breakout below the 7-year trading range.<\/li>
- Last week, we said that traders still need more information, therefore more bars. Traders will continue to BLSH (Buy Low, Sell High) until there is a strong breakout from the 10-week trading range.<\/li>
- Bears wanted a retest of the 2017 low followed by a strong breakout and a measured move down based on the height of the 7-year trading range. They got the breakout this week.<\/li>
- A measured move down based on the height of the 7-year trading range will take them to the year 2000 low.<\/li>
- If the bears get at least 2 strong bear bars closing below the 2017 low, odds of a breakout and a measured move increase. <\/li>
- That means, if the bears get another follow-through bear bar next week, especially on that closes near the low, odds of more sideways to down increases.<\/li>
- The bulls hope the sell-off since March was a sell vacuum test of the 7-year trading range low. <\/li>
- The bulls want a reversal higher from a wedge bottom (Mar 4, May 13 and July 8).<\/li>
- However, they have not been able to create sustained follow-through buying.<\/li>
- The bulls hope that the 10-week trading range is the final flag of the move down which started in 2021. They want a failed breakout below the 7-year trading range.<\/li>
- The move down is in a tight bear channel. That means strong bears. <\/li>
- Next week will be an important week as traders will see whether the bears can create follow-through selling.<\/li>
- Since this was a big bear bar, it is a sell signal bar for next week. However, the long tail below makes it a weaker sell signal bar. Odds slightly favor sideways to down.<\/li>
- However, if next week is a bull bar, especially if it has a big bull body and closes near the high, odds of a failed breakout below the 7-year trading range and a reversal higher from a potential final flag increase.<\/li><\/ul>\n\n\n\n
The Daily<\/em> EURUSD chart<\/h3>\n\n\n\n![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Daily-Bear-BO-below-2017-Low-Final-Flag-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- The EURUSD broke below the 10-week trading range on Tuesday with follow-through selling on Wednesday and Thursday.<\/li>
- Friday traded lower but reversed up to close as a bull reversal bar with a long tail below.<\/li>
- Previously, we said should the EURUSD continue to stall around or below the May high or around the 20-day exponential moving average, odds are the bears will return to sell the double top bear flag or lower high.\u00a0<\/li>
- The EURUSD stalled at the 20-day exponential moving average and the bears sold the wedge bear flag (June 16, June 22 and June 27) and got the bear breakout they wanted.<\/li>
- The bears want a measured move down based on the height of the 7-year trading range. That would take them to the year 2000 low.<\/li>
- The move down this week was strong enough for traders to expect at least a small second leg sideways to up.<\/li>
- There is a 10-bar bear micro channel which means strong bears.<\/li>
- The bulls hope that the 10-week trading range is the final flag of the move down since 2021.<\/li>
- They want a failed breakout below the 7-year trading range and a reversal higher from a wedge bear flag (Mar 4, May 13 and July 8).<\/li>
- Friday was a bull reversal bar, but it had a small bull body. It is a High 1 buy signal bar for Monday. However, it followed a 10-bar bear micro channel. It is a less reliable buy signal bar.<\/li>
- The bull will need at least a micro double bottom or a stronger bull reversal bar, one with a bigger bull body closing near the high before they would be willing to buy aggressively.<\/li>
- If the bulls start getting consecutive bull bars closing near their highs, the odds of a failed breakout increase.<\/li>
- For now, odds slightly favor at least a small second leg sideways to down after a pullback.<\/li><\/ul>\n\n\n\n
Market analysis reports archive<\/h3>\n\n\n\n
![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/07\/EURUSD-Weekly-Bear-BO-below-2017-Low-Wedge-Bottom.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly EURUSD Forex chart<\/a> was a big bear breakout bar with a long tail below. It was a breakout below the 7-year trading range.<\/li>
- Last week, we said that traders still need more information, therefore more bars. Traders will continue to BLSH (Buy Low, Sell High) until there is a strong breakout from the 10-week trading range.<\/li>
- Bears wanted a retest of the 2017 low followed by a strong breakout and a measured move down based on the height of the 7-year trading range. They got the breakout this week.<\/li>
- A measured move down based on the height of the 7-year trading range will take them to the year 2000 low.<\/li>
- If the bears get at least 2 strong bear bars closing below the 2017 low, odds of a breakout and a measured move increase. <\/li>
- That means, if the bears get another follow-through bear bar next week, especially on that closes near the low, odds of more sideways to down increases.<\/li>
- The bulls hope the sell-off since March was a sell vacuum test of the 7-year trading range low. <\/li>
- The bulls want a reversal higher from a wedge bottom (Mar 4, May 13 and July 8).<\/li>
- However, they have not been able to create sustained follow-through buying.<\/li>
- The bulls hope that the 10-week trading range is the final flag of the move down which started in 2021. They want a failed breakout below the 7-year trading range.<\/li>
- The move down is in a tight bear channel. That means strong bears. <\/li>
- Next week will be an important week as traders will see whether the bears can create follow-through selling.<\/li>
- Since this was a big bear bar, it is a sell signal bar for next week. However, the long tail below makes it a weaker sell signal bar. Odds slightly favor sideways to down.<\/li>
- However, if next week is a bull bar, especially if it has a big bull body and closes near the high, odds of a failed breakout below the 7-year trading range and a reversal higher from a potential final flag increase.<\/li><\/ul>\n\n\n\n
The Daily<\/em> EURUSD chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- The EURUSD broke below the 10-week trading range on Tuesday with follow-through selling on Wednesday and Thursday.<\/li>
- Friday traded lower but reversed up to close as a bull reversal bar with a long tail below.<\/li>
- Previously, we said should the EURUSD continue to stall around or below the May high or around the 20-day exponential moving average, odds are the bears will return to sell the double top bear flag or lower high.\u00a0<\/li>
- The EURUSD stalled at the 20-day exponential moving average and the bears sold the wedge bear flag (June 16, June 22 and June 27) and got the bear breakout they wanted.<\/li>
- The bears want a measured move down based on the height of the 7-year trading range. That would take them to the year 2000 low.<\/li>
- The move down this week was strong enough for traders to expect at least a small second leg sideways to up.<\/li>
- There is a 10-bar bear micro channel which means strong bears.<\/li>
- The bulls hope that the 10-week trading range is the final flag of the move down since 2021.<\/li>
- They want a failed breakout below the 7-year trading range and a reversal higher from a wedge bear flag (Mar 4, May 13 and July 8).<\/li>
- Friday was a bull reversal bar, but it had a small bull body. It is a High 1 buy signal bar for Monday. However, it followed a 10-bar bear micro channel. It is a less reliable buy signal bar.<\/li>
- The bull will need at least a micro double bottom or a stronger bull reversal bar, one with a bigger bull body closing near the high before they would be willing to buy aggressively.<\/li>
- If the bulls start getting consecutive bull bars closing near their highs, the odds of a failed breakout increase.<\/li>
- For now, odds slightly favor at least a small second leg sideways to down after a pullback.<\/li><\/ul>\n\n\n\n
Market analysis reports archive<\/h3>\n\n\n\n