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\/10\/EURUSD-Weekly-No-Follow-through-Buying-Re-Test-Low-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the\u00a0weekly EURUSD Forex chart<\/a>\u00a0was a bear reversal bar closing near the low with a long tail above.<\/li>
- Last week, we said that traders would see if the bulls can get a follow-through bull bar, or fail to do so. If the bulls get a consecutive bull bar, it could be the start of a larger 2-legged sideways to up pullback lasting at least a few weeks.<\/li>
- The EURUSD traded higher but reversed all the gains by Friday.<\/li>
- The bears want a strong breakout below the 2017 low, and a measured move down based on the height of the 7-year trading range. This will take them to the year 2000 low.<\/li>
- The move down is in a tight bear channel. That means strong bears.\u00a0<\/li>
- While the recent breakout below the July-August low was strong, the bears failed to get follow-through selling.<\/li>
- The bears see this week as a breakout pullback and want at least a retest of Sept low.<\/li>
- The bulls hope that the recent 10-week trading range (July to Sept) is the final flag of the move.\u00a0<\/li>
- They want a reversal higher from a wedge bottom (May 13, July 14 and Sept 28) and a trend channel line overshoot.<\/li>
- However, the bulls kept failing to get sustained follow-through buying, a recurring theme since the selloff started in 2021. This was the case again this week.<\/li>
- The bulls will need to create strong consecutive bull bars closing near their highs, breaking far above the bear trend line and 20-week exponential moving average, to convince traders that a larger sideways to up pullback may be underway.<\/li>
- If next week trades lower and retests Sept low, bulls want a reversal higher from a micro double bottom.<\/li>
- Since this week was a bear bar closing near the low, it is a sell signal bar for next week.\u00a0<\/li>
- For now, the odds slightly favor sideways to down.<\/li>
- Traders will be monitoring if the bears can get a strong follow-through bear bar retesting Sept low followed by a strong breakout, or fail to do so.<\/li>
- If next week tests near the Sept low, but reverses higher closing as a strong bull bar with a long tail below, the bulls will likely get another attempt at a larger 2-legged sideways to up pullback lasting at least a few weeks.<\/li><\/ul>\n\n\n\n
The Daily<\/em> EURUSD chart<\/h3>\n\n\n\n![\"EUSUD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/EURUSD-Daily-Lower-High-Re-Test-Low-Following-Sell-Climax-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- The EURUSD traded higher earlier in the week but failed above the 20-day exponential moving average and traded down for the rest of the week.<\/li>
- The bulls want a failed breakout below the 7-year trading range.<\/li>
- They hope that the recent 10-week trading range pullback (July to Sept) is the final flag of the move down which started in February.\u00a0<\/li>
- The bulls want a reversal higher from a wedge bottom (May 13, July 14 and Sept 28) and trend channel line overshoot following a sell climax.<\/li>
- However, they have not been able to create sustained follow-through buying, a recurring theme since 2021.<\/li>
- The bulls see the current pullback simply as a retest of the September low and want a reversal higher from a double bottom.<\/li>
- The bulls will need to create strong consecutive bull bars closing near their highs to convince traders that a larger 2-legged sideways to up pullback lasting many weeks may be underway.<\/li>
- The bears want a continuation down and 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 bears want another leg lower retesting the Sept low followed by a strong breakout with follow-through selling.\u00a0<\/li>
- For now, odds slightly favor sideways to down to retest Sept low.<\/li>
- If the EURUSD retests near the Sept low, but fails and reverses higher again, we may see another attempt by the bulls to start a 2-legged sideways to up move lasting many weeks again.<\/li><\/ul>\n\n\n\n
Market analysis reports archive<\/h3>\n\n\n\n
![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/EURUSD-Weekly-No-Follow-through-Buying-Re-Test-Low.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the\u00a0weekly EURUSD Forex chart<\/a>\u00a0was a bear reversal bar closing near the low with a long tail above.<\/li>
- Last week, we said that traders would see if the bulls can get a follow-through bull bar, or fail to do so. If the bulls get a consecutive bull bar, it could be the start of a larger 2-legged sideways to up pullback lasting at least a few weeks.<\/li>
- The EURUSD traded higher but reversed all the gains by Friday.<\/li>
- The bears want a strong breakout below the 2017 low, and a measured move down based on the height of the 7-year trading range. This will take them to the year 2000 low.<\/li>
- The move down is in a tight bear channel. That means strong bears.\u00a0<\/li>
- While the recent breakout below the July-August low was strong, the bears failed to get follow-through selling.<\/li>
- The bears see this week as a breakout pullback and want at least a retest of Sept low.<\/li>
- The bulls hope that the recent 10-week trading range (July to Sept) is the final flag of the move.\u00a0<\/li>
- They want a reversal higher from a wedge bottom (May 13, July 14 and Sept 28) and a trend channel line overshoot.<\/li>
- However, the bulls kept failing to get sustained follow-through buying, a recurring theme since the selloff started in 2021. This was the case again this week.<\/li>
- The bulls will need to create strong consecutive bull bars closing near their highs, breaking far above the bear trend line and 20-week exponential moving average, to convince traders that a larger sideways to up pullback may be underway.<\/li>
- If next week trades lower and retests Sept low, bulls want a reversal higher from a micro double bottom.<\/li>
- Since this week was a bear bar closing near the low, it is a sell signal bar for next week.\u00a0<\/li>
- For now, the odds slightly favor sideways to down.<\/li>
- Traders will be monitoring if the bears can get a strong follow-through bear bar retesting Sept low followed by a strong breakout, or fail to do so.<\/li>
- If next week tests near the Sept low, but reverses higher closing as a strong bull bar with a long tail below, the bulls will likely get another attempt at a larger 2-legged sideways to up pullback lasting at least a few weeks.<\/li><\/ul>\n\n\n\n
The Daily<\/em> EURUSD chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- The EURUSD traded higher earlier in the week but failed above the 20-day exponential moving average and traded down for the rest of the week.<\/li>
- The bulls want a failed breakout below the 7-year trading range.<\/li>
- They hope that the recent 10-week trading range pullback (July to Sept) is the final flag of the move down which started in February.\u00a0<\/li>
- The bulls want a reversal higher from a wedge bottom (May 13, July 14 and Sept 28) and trend channel line overshoot following a sell climax.<\/li>
- However, they have not been able to create sustained follow-through buying, a recurring theme since 2021.<\/li>
- The bulls see the current pullback simply as a retest of the September low and want a reversal higher from a double bottom.<\/li>
- The bulls will need to create strong consecutive bull bars closing near their highs to convince traders that a larger 2-legged sideways to up pullback lasting many weeks may be underway.<\/li>
- The bears want a continuation down and 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 bears want another leg lower retesting the Sept low followed by a strong breakout with follow-through selling.\u00a0<\/li>
- For now, odds slightly favor sideways to down to retest Sept low.<\/li>
- If the EURUSD retests near the Sept low, but fails and reverses higher again, we may see another attempt by the bulls to start a 2-legged sideways to up move lasting many weeks again.<\/li><\/ul>\n\n\n\n
Market analysis reports archive<\/h3>\n\n\n\n