The bears hope the last few weeks were simply a 2-legged sideways to up pullback and want at least a retest of Sept low.<\/p>\n\n\n\n
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-Bulls-Weak-Follow-through-Bar-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly EURUSD Forex chart<\/a> was a weak follow-through bull bar with prominent tails above and below.<\/li>
- Last week, we said that the odds slightly favor the EURUSD to trade at least a little higher. <\/li>
- This week broke above the Big Round Number 1.000 but closed below it. The bulls got a follow-through bull bar.<\/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. <\/li>
- The bear trend has also lasted a long time and is climactic.<\/li>
- While the breakout below the July-August low in September was strong, the bears failed to get follow-through selling.<\/li>
- The bears hope the last few weeks were simply a 2-legged sideways to up pullback and want at least a retest of Sept low.<\/li>
- If next week trades higher, they want the EURUSD to stall and reverse lower again, forming a double top bear flag with Sept 12 high or around 20-week exponential moving average.<\/li>
- The bulls hope that the recent 10-week trading range (July to Sept) is the final flag of the move. <\/li>
- They want a reversal higher from a wedge bottom (May 13, July 14 and Sept 28) and a trend channel line overshoot.<\/li>
- The bulls triggered the second entry long (High 2) and got a follow-through bull bar this week. <\/li>
- The bulls kept failing to get sustained follow-through buying, a recurring theme since the selloff started in 2021. <\/li>
- We said that if the bulls manage to get follow-through buying, it could signal a potential change in the character of the market.<\/li>
- However, the prominent tail above this week\u2019s candlestick indicates that the bulls are not yet as strong as they would like to be. <\/li>
- The bulls need to do more to convince traders that a larger sideways to up pullback lasting many weeks may be underway. <\/li>
- They 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.<\/li>
- Since this week was a bull bar with a prominent tail above, it is not a strong buy signal bar.<\/li>
- Odds slightly favor the EURUSD to still be in the sideways to up pullback phase.<\/li>
- The EURUSD is in a small trading range between 0.95 and 1.00. <\/li>
- Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction.<\/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\/10\/EURUSD-Daily-BO-Test-of-Bear-Trendline-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- The EURUSD traded sideways to up and broke above Big Round Number 1.000 on Wednesday.<\/li>
- However, there was no follow-through buying and the EURUSD pulled back slightly to close below 1.000 by the end of the week.<\/li>
- Last week, we said that the odds favor the EURUSD to trade at least slightly higher. The EURUSD is forming a trading range between 0.95 and 1.00 and traders will BLSH (Buy Low, Sell High) within this range until there is a strong breakout from either direction.<\/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. <\/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. Traders are looking for signs if this time will be different.<\/li>
- The bulls will need to create consecutive bull bars closing near their highs to convince traders that a reversal higher may be underway.<\/li>
- The bulls got a second leg higher from a higher low major trend reversal (October 13).<\/li>
- They see the pullback on Thursday and Friday simply as a breakout test of the bear trend line. <\/li>
- If the EURUSD trades slightly lower, they want another leg up to complete the wedge bear flag where the first legs are on October 4 and 27.<\/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. <\/li>
- They hope the current move is simply a 2-legged sideways to up pullback and want reversal lower from a double top bear flag (Sept 12).<\/li>
- Since Friday was a small bull doji, it is not a strong sell signal bar for Monday.<\/li>
- The EURUSD is forming a trading range between 0.95 and 1.00. <\/li>
- Traders will BLSH (Buy Low, Sell High) within this range until there is a strong breakout from either direction.<\/li>
- Odds slightly favor the EURUSD to still be in the sideways to up pullback phase.<\/li><\/ul>\n\n\n\n
Trading room<\/h2>\n\n\n\n
Traders can see the end of the day bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. Al talks about the detailed Emini price action real-time throughout the day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/EURUSD-Weekly-Bulls-Weak-Follow-through-Bar.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly EURUSD Forex chart<\/a> was a weak follow-through bull bar with prominent tails above and below.<\/li>
- Last week, we said that the odds slightly favor the EURUSD to trade at least a little higher. <\/li>
- This week broke above the Big Round Number 1.000 but closed below it. The bulls got a follow-through bull bar.<\/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. <\/li>
- The bear trend has also lasted a long time and is climactic.<\/li>
- While the breakout below the July-August low in September was strong, the bears failed to get follow-through selling.<\/li>
- The bears hope the last few weeks were simply a 2-legged sideways to up pullback and want at least a retest of Sept low.<\/li>
- If next week trades higher, they want the EURUSD to stall and reverse lower again, forming a double top bear flag with Sept 12 high or around 20-week exponential moving average.<\/li>
- The bulls hope that the recent 10-week trading range (July to Sept) is the final flag of the move. <\/li>
- They want a reversal higher from a wedge bottom (May 13, July 14 and Sept 28) and a trend channel line overshoot.<\/li>
- The bulls triggered the second entry long (High 2) and got a follow-through bull bar this week. <\/li>
- The bulls kept failing to get sustained follow-through buying, a recurring theme since the selloff started in 2021. <\/li>
- We said that if the bulls manage to get follow-through buying, it could signal a potential change in the character of the market.<\/li>
- However, the prominent tail above this week\u2019s candlestick indicates that the bulls are not yet as strong as they would like to be. <\/li>
- The bulls need to do more to convince traders that a larger sideways to up pullback lasting many weeks may be underway. <\/li>
- They 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.<\/li>
- Since this week was a bull bar with a prominent tail above, it is not a strong buy signal bar.<\/li>
- Odds slightly favor the EURUSD to still be in the sideways to up pullback phase.<\/li>
- The EURUSD is in a small trading range between 0.95 and 1.00. <\/li>
- Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction.<\/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 sideways to up and broke above Big Round Number 1.000 on Wednesday.<\/li>
- However, there was no follow-through buying and the EURUSD pulled back slightly to close below 1.000 by the end of the week.<\/li>
- Last week, we said that the odds favor the EURUSD to trade at least slightly higher. The EURUSD is forming a trading range between 0.95 and 1.00 and traders will BLSH (Buy Low, Sell High) within this range until there is a strong breakout from either direction.<\/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. <\/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. Traders are looking for signs if this time will be different.<\/li>
- The bulls will need to create consecutive bull bars closing near their highs to convince traders that a reversal higher may be underway.<\/li>
- The bulls got a second leg higher from a higher low major trend reversal (October 13).<\/li>
- They see the pullback on Thursday and Friday simply as a breakout test of the bear trend line. <\/li>
- If the EURUSD trades slightly lower, they want another leg up to complete the wedge bear flag where the first legs are on October 4 and 27.<\/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. <\/li>
- They hope the current move is simply a 2-legged sideways to up pullback and want reversal lower from a double top bear flag (Sept 12).<\/li>
- Since Friday was a small bull doji, it is not a strong sell signal bar for Monday.<\/li>
- The EURUSD is forming a trading range between 0.95 and 1.00. <\/li>
- Traders will BLSH (Buy Low, Sell High) within this range until there is a strong breakout from either direction.<\/li>
- Odds slightly favor the EURUSD to still be in the sideways to up pullback phase.<\/li><\/ul>\n\n\n\n
Trading room<\/h2>\n\n\n\n
Traders can see the end of the day bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. Al talks about the detailed Emini price action real-time throughout the day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\n\n\n\n
Market analysis reports archive<\/h3>\n\n\n\n