{"id":164446,"date":"2022-11-13T01:30:00","date_gmt":"2022-11-13T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=164446"},"modified":"2022-11-13T02:02:30","modified_gmt":"2022-11-13T10:02:30","slug":"eurusd-failed-breakout","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/eurusd-failed-breakout\/","title":{"rendered":"EURUSD Failed Breakout below 7-Year Trading Range Low"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The&nbsp;<strong>EURUSD&nbsp;<\/strong>Forex bulls want a EURUSD failed breakout below the 7-year trading range low. This week spiked up and closed slightly above the 7-year trading range low. They will need to create a follow-through bar to increase the odds of higher prices. The bears see this week as a breakout test of the 7-year trading range low.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">EURUSD Forex market <\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><\/li>\n<\/ul>\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\/2022\/11\/EURUSD-Weekly-Bull-Breakout-Above-Bear-Channel.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Weekly-Bull-Breakout-Above-Bear-Channel-680x383.png\" alt=\"EURUSD Failed Breakout below 7-Year Trading Range Low on Weekly Chart\" class=\"wp-image-164596\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Weekly-Bull-Breakout-Above-Bear-Channel-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Weekly-Bull-Breakout-Above-Bear-Channel-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Weekly-Bull-Breakout-Above-Bear-Channel-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Weekly-Bull-Breakout-Above-Bear-Channel-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Weekly-Bull-Breakout-Above-Bear-Channel.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This week\u2019s candlestick on the&nbsp;<a href=\"https:\/\/www.investing.com\/currencies\/eur-usd\" target=\"_blank\" rel=\"noreferrer noopener\">weekly EURUSD Forex chart<\/a>&nbsp;was a big bull bar closing near the high.<\/li>\n\n\n\n<li>Last week, we said that odds slightly favor the EURUSD to still be in the sideways to up pullback phase.<\/li>\n\n\n\n<li>This week broke far above the 1.000 Big Round Number, the 20-week exponential moving average and the bear channel.&nbsp;<\/li>\n\n\n\n<li>The bulls hope that the recent 10-week trading range (July to Sept) is the final flag of the move.&nbsp;<\/li>\n\n\n\n<li>They got a reversal higher from a wedge bottom (May 13, July 14 and Sept 28) and a trend channel line overshoot.&nbsp;<\/li>\n\n\n\n<li>They want a failed breakout below the 7-year trading range. This week spiked up and closed slightly above the 7-year trading range low.<\/li>\n\n\n\n<li>Previously, the bulls kept failing to get sustained follow-through buying since 2021.&nbsp;<\/li>\n\n\n\n<li>The last 4 consecutive bull bars are the longest streak since the selloff started in 2021. It is a change in the market\u2019s character.<\/li>\n\n\n\n<li>The bulls needed to create more consecutive bull bars closing near their highs to increase the odds that the selloff has ended.&nbsp;<\/li>\n\n\n\n<li>Since this week was the breakout bar (above the double top bear flag, 20-week exponential moving average, bear channel), the bulls need to create a follow-through bull bar to confirm the breakout.<\/li>\n\n\n\n<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>\n\n\n\n<li>The move down was in a tight bear channel. That means strong bears.&nbsp;<\/li>\n\n\n\n<li>However, the bear trend has also lasted a long time and is climactic.<\/li>\n\n\n\n<li>While the breakout below the July-August low in September was strong, the bears failed to get follow-through selling.<\/li>\n\n\n\n<li>The bears hope the last 7 weeks were simply a wedge bear flag and want at least a retest of Sept low.&nbsp;<\/li>\n\n\n\n<li>However, instead of forming a weak 3<sup>rd<\/sup> leg up, this week was a strong breakout above the first 2 legs.<\/li>\n\n\n\n<li>The bears see this week as a breakout test of the 7-year trading range low.<\/li>\n\n\n\n<li>If next week trades higher, they want the EURUSD to stall and reverse lower again from a double top bear flag (with Aug 10 or Jun 27 or May 30 high) or around the major bear trend line.<\/li>\n\n\n\n<li>Since this week was a big bull bar closing near the high, it is a weak sell signal bar and a good buy signal bar.<\/li>\n\n\n\n<li>Odds continue to favor the EURUSD to still be in the sideways to up pullback phase.<\/li>\n\n\n\n<li>Traders will see if the bull can get a least at decent follow-through bull bar next week.\u00a0<\/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\/2022\/11\/EURUSD-Daily-Strong-Breakout-above-Bear-Channel.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Daily-Strong-Breakout-above-Bear-Channel-680x383.png\" alt=\"EURUSD Daily: Strong Breakout above Bear Channel\" class=\"wp-image-164600\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Daily-Strong-Breakout-above-Bear-Channel-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Daily-Strong-Breakout-above-Bear-Channel-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Daily-Strong-Breakout-above-Bear-Channel-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Daily-Strong-Breakout-above-Bear-Channel-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/11\/EURUSD-Daily-Strong-Breakout-above-Bear-Channel.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD traded higher for the week with a brief pullback on Thursday which reversed into a big outside bull breakout bar. Friday was a follow-through bull bar closing near the high.<\/li>\n\n\n\n<li>Previously, we said that odds slightly favor the EURUSD to still be in the sideways to up pullback phase.<\/li>\n\n\n\n<li>This week spiked up and closed slightly above the 7-year trading range low.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the 7-year trading range.<\/li>\n\n\n\n<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.&nbsp;<\/li>\n\n\n\n<li>The bulls got a reversal higher from a wedge bottom (May 13, July 14 and Sept 28) and trend channel line overshoot following a sell climax.<\/li>\n\n\n\n<li>Since 2021, they were not able to create sustained follow-through buying. However, the current spike up is a change of the market\u2019s character.&nbsp;<\/li>\n\n\n\n<li>The bulls manage to create consecutive bull bars closing near their highs breaking far above the small trading range, the bear channel and above the 1.00 Big Round Number.<\/li>\n\n\n\n<li>They hope that the market has flipped into Always In Long.<\/li>\n\n\n\n<li>The move up from Nov 3 higher low major trend reversal is strong enough for traders to expect at least a small second leg sideways to up after a pullback.<\/li>\n\n\n\n<li>The bears want a breakout 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>\n\n\n\n<li>They want a retest of the September low followed by a strong breakout with follow-through selling.&nbsp;<\/li>\n\n\n\n<li>They hope the current move is forming a double top bear flag (Aug 10 or Jun 27 or May 30).<\/li>\n\n\n\n<li>The bears see this week as a buy vacuum of the 7-year trading range low breakout point.<\/li>\n\n\n\n<li>Since Friday was a strong bull bar, it is a weak sell signal bar for Monday.<\/li>\n\n\n\n<li>Odds continue to favor the EURUSD to be in the sideways to up pullback phase.<\/li>\n\n\n\n<li>Traders will see if the bulls can create consecutive bull bars trading far above the 7-year trading range low or fail to do so.<\/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&nbsp;EURUSD&nbsp;Forex bulls want a EURUSD failed breakout below the 7-year trading range low. This week spiked up and closed slightly above the 7-year trading range low. They will need to create a follow-through bar to increase the odds of higher prices. The bears see this week as a breakout test of [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":164596,"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-164446","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\/2022\/11\/EURUSD-Weekly-Bull-Breakout-Above-Bear-Channel.png","author_info":{"display_name":"Andrew","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/andrewa\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/164446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/2836"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=164446"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/164446\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/164596"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=164446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=164446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=164446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}