{"id":180454,"date":"2023-06-11T01:30:00","date_gmt":"2023-06-11T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=180454"},"modified":"2023-06-11T02:29:24","modified_gmt":"2023-06-11T09:29:24","slug":"eurusd-minor-pullback","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/eurusd-minor-pullback\/","title":{"rendered":"EURUSD Minor Pullback"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>EURUSD <\/strong>Forex formed a minor pullback following a 5-bar bear microchannel. Often, there are sellers above the first pullback from such a strong bear microchannel. The bulls hope to get at least a retest of the April high after the current pullback. They want the 20-week exponential moving average to act as support.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">EURUSD Forex market <\/h2>\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\/2023\/06\/EURUSD-Weekly-PB-Following-5-Bar-Bear-Microchannel.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-PB-Following-5-Bar-Bear-Microchannel-680x383.png\" alt=\"EURUSD Weekly: Minor Pullback Following 5-Bar Bear Microchannel\" class=\"wp-image-180629\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-PB-Following-5-Bar-Bear-Microchannel-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-PB-Following-5-Bar-Bear-Microchannel-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-PB-Following-5-Bar-Bear-Microchannel-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-PB-Following-5-Bar-Bear-Microchannel-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-PB-Following-5-Bar-Bear-Microchannel.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 bull doji with tails above and below.&nbsp;<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor a small second leg sideways to down after a small pullback.<\/li>\n\n\n\n<li>This week traded above last week\u2019s high but closed below it.<\/li>\n\n\n\n<li>The bulls hope to get at least a retest of the April high after the current pullback.<\/li>\n\n\n\n<li>They want the 20-week exponential moving average to act as support.&nbsp;<\/li>\n\n\n\n<li>They hope the EURUSD will reverse back above the 20-week exponential moving average (20-EMA) soon.&nbsp;<\/li>\n\n\n\n<li>While this week traded above the 20-EMA, the market reversed to close slightly below it.<\/li>\n\n\n\n<li>The bulls will need to create follow-through buying trading far above the 20-week exponential moving average to increase the odds of higher prices.<\/li>\n\n\n\n<li>If the EURUSD trades much lower, they want a reversal up from a double-bottom bull flag with the March low.&nbsp;<\/li>\n\n\n\n<li>The bears got a reversal down from a higher high major trend reversal and failed breakout above the February 2 high.<\/li>\n\n\n\n<li>The move down was in a 5-bar bear microchannel. That means strong bears.&nbsp;<\/li>\n\n\n\n<li>There are often sellers above the first pullback from such a tight bear microchannel.<\/li>\n\n\n\n<li>The bears want a retest of the March 15 low. They hope that this week was simply a minor pullback and want at least a small second leg sideways to down, testing the current leg low (May 31).<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bull doji, it is a buy signal bar albeit weaker.&nbsp;<\/li>\n\n\n\n<li>However, it is following a tight bear channel down. It is not an ideal buy setup.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a follow-through bull bar closing above the 20-week exponential moving average or will the market stall around the 20-EMA and sellers sell the first pullback from a tight bear channel.<\/li>\n\n\n\n<li>For now, odds slightly favor a small second leg sideways to down after the current pullback.<\/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\/2023\/06\/EURUSD-Daily-Double-Top-Bear-Flag-Minor-PB.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Double-Top-Bear-Flag-Minor-PB-680x383.png\" alt=\"EURUSD Daily: Double Top Bear Flag, Minor PB\" class=\"wp-image-180632\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Double-Top-Bear-Flag-Minor-PB-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Double-Top-Bear-Flag-Minor-PB-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Double-Top-Bear-Flag-Minor-PB-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Double-Top-Bear-Flag-Minor-PB-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Double-Top-Bear-Flag-Minor-PB.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 sideways earlier in the week but pushed higher on Thursday. Friday was an inside bear bar reversing back below the 20-day exponential moving average.<\/li>\n\n\n\n<li>Previously, we said that while the tight channel down means strong bears, the selloff is also slightly climactic. There may be a minor pullback followed by a second leg sideways to down retesting the current leg low.<\/li>\n\n\n\n<li>The minor pullback (bounce) started from the March 31 low and is currently underway.<\/li>\n\n\n\n<li>The bears got a tight bear channel down from the May high. That means persistent bears.<\/li>\n\n\n\n<li>The selloff is strong enough for traders to expect at least a small second leg sideways to down after the current pullback.<\/li>\n\n\n\n<li>They want a retest of the March low from a double-top bear flag (Jun 2 and Jun 8).&nbsp;<\/li>\n\n\n\n<li>At the very least, the bears want a retest of the current leg low (May 31).<\/li>\n\n\n\n<li>They hope Thursday and Friday formed a micro double top and want a breakout below Friday\u2019s inside bear bar.<\/li>\n\n\n\n<li>The bulls hope that the current pullback will form a higher low.&nbsp;<\/li>\n\n\n\n<li>They want another strong leg up completing the wedge pattern with the first two legs being February 2 and April 26.<\/li>\n\n\n\n<li>At the very least, they want a retest of the prior leg extreme high (April 26).<\/li>\n\n\n\n<li>They want a reversal up from a parabolic wedge (May 15, May 19, and May 31) and a higher low major trend reversal (Jun 6).<\/li>\n\n\n\n<li>If the EURUSD trades much lower, they want a reversal up from a larger double-bottom bull flag with the March low.<\/li>\n\n\n\n<li>The bulls need to create consecutive bull bars trading far above the 20-day exponential moving average to increase the odds of a retest of the April High.<\/li>\n\n\n\n<li>Since Friday was an inside bear bar, the EURUSD is in breakout mode. The bulls want a breakout above while the bears want a breakout below the inside bar.<\/li>\n\n\n\n<li>Because it is a bear bar closing near its low, odds slightly favor a breakout below the inside bar.<\/li>\n\n\n\n<li>The first breakout from an inside bar can fail 50% of the time.<\/li>\n\n\n\n<li>For now, odds slightly favor at least a small leg to retest May 31 Low after the current pullback (bounce).<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">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 EURUSD Forex formed a minor pullback following a 5-bar bear microchannel. Often, there are sellers above the first pullback from such a strong bear microchannel. The bulls hope to get at least a retest of the April high after the current pullback. They want the 20-week exponential moving average to [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":180629,"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":[281,1347],"class_list":["post-180454","post","type-post","status-publish","format-standard","has-post-thumbnail","category-forex","category-analysis","tag-eurusd-forex","tag-pullback","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Weekly-PB-Following-5-Bar-Bear-Microchannel.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\/180454","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=180454"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/180454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/180629"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=180454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=180454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=180454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}