{"id":183410,"date":"2023-07-16T01:30:00","date_gmt":"2023-07-16T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=183410"},"modified":"2023-07-16T01:31:27","modified_gmt":"2023-07-16T08:31:27","slug":"eurusd-bull-breakout","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/eurusd-bull-breakout\/","title":{"rendered":"EURUSD Bull Breakout Above April High"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The weekly chart was a\u00a0<strong>EURUSD<\/strong>\u00a0Bull Breakout above the April high. The bulls want a new leg up lasting many weeks like the one which started in November 2022. The bears want a failed breakout above the April high and a reversal from a trend channel line overshoot.\u00a0<\/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\/07\/EURUSD-Weekly-Big-Bull-Breakout-TCL-Overshoot.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Big-Bull-Breakout-TCL-Overshoot-680x383.png\" alt=\"EURUSD Weekly: EURUSD Bull Breakout, TCL Overshoot\" class=\"wp-image-183560\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Big-Bull-Breakout-TCL-Overshoot-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Big-Bull-Breakout-TCL-Overshoot-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Big-Bull-Breakout-TCL-Overshoot-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Big-Bull-Breakout-TCL-Overshoot-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-Big-Bull-Breakout-TCL-Overshoot.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 its high.<\/li>\n\n\n\n<li>Last week, we said if the current pullback remains weak (with overlapping bars, doji(s) and bull bars) as it is now, the odds will favor a retest of the April high in the coming weeks.&nbsp;<\/li>\n\n\n\n<li>This week broke and closed above the April high.<\/li>\n\n\n\n<li>The bulls want another strong leg up, completing the wedge pattern with the first two legs being February 2 and April 26. The third is currently underway.<\/li>\n\n\n\n<li>Next, they want a strong leg up lasting many weeks like the one which started in November 2022.<\/li>\n\n\n\n<li>The targets for the bulls are the Jan\/Feb 2022 highs and a measured move up using the height of the prior 6 month\u2019s trading range which will take them to around the October 2021 high.<\/li>\n\n\n\n<li>They will need to create a follow-through bull bar to confirm the breakout above the April high.<\/li>\n\n\n\n<li>The bears hope to get a reversal from a failed breakout above April, a wedge top (Feb 2, Apr 26, and Jul 14) and a trend channel line overshoot.<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that they have not been able to create strong bear bars with follow-through selling since the May low.<\/li>\n\n\n\n<li>They need to create consecutive bear bars closing near their lows to show that they are back in control.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick was a big bull bar closing near its high, it is a buy signal bar.<\/li>\n\n\n\n<li>For now, odds slightly favor the EURUSD to trade at least a little higher even if there is a small pullback.<\/li>\n\n\n\n<li>Traders will see if the bulls can create follow-through buying or will the market trade slightly higher but close with a long tail above or with a bear body.<\/li>\n\n\n\n<li>If the bulls continue to get strong consecutive bull bars, the odds of a spike and channel up will increase.<\/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\/07\/EURUSD-Daily-2nd-Leg-up-Bull-Breakout-Wedge-Top.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-2nd-Leg-up-Bull-Breakout-Wedge-Top-680x383.png\" alt=\"EURUSD Daily: 2nd Leg up, Bull Breakout, Wedge Top\" class=\"wp-image-183563\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-2nd-Leg-up-Bull-Breakout-Wedge-Top-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-2nd-Leg-up-Bull-Breakout-Wedge-Top-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-2nd-Leg-up-Bull-Breakout-Wedge-Top-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-2nd-Leg-up-Bull-Breakout-Wedge-Top-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-2nd-Leg-up-Bull-Breakout-Wedge-Top.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD spiked higher for the week.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor the EURUSD to trade at least a little higher and traders will see if the buyers can create strong follow-through buying or will the market trade slightly higher but stall around June 22 high area.<\/li>\n\n\n\n<li>This week broke above the April high.<\/li>\n\n\n\n<li>The bulls got a strong breakout from a wedge bull flag (Jun 23, Jun 30, and Jul 6) and a larger second leg sideways to up completing the wedge pattern with the first two legs being February 2 and April 26.&nbsp;<\/li>\n\n\n\n<li>They want the breakout above April to be the start of a new leg lasting many weeks, like the one which started in November 2022. They want a channel up after a small pullback.<\/li>\n\n\n\n<li>The next targets for the bulls are the Jan\/Feb 2022 highs and a measured move using the height of the January-June trading range which take them to around October 2021 high.<\/li>\n\n\n\n<li>The move up 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 hope to get a failed breakout above the April high. They want a reversal down from a trend channel line overshoot and a wedge top (Feb 2, Apr 26, and Jul 14).<\/li>\n\n\n\n<li>Because of the strong move-up, the bears will need at least a micro double top or a strong bear reversal bar before they would sell more aggressively.<\/li>\n\n\n\n<li>The current move-up is in a 7-bar bull microchannel with big consecutive bull bars closing near their highs. That means strong bulls.<\/li>\n\n\n\n<li>The first pullback would likely be minor, and odds slightly favor at least a small second leg sideways to up.<\/li>\n\n\n\n<li>Traders will see if the bulls can form a bull channel after a small pullback, or will the market form a micro double top of some sort?<\/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 weekly chart was a\u00a0EURUSD\u00a0Bull Breakout above the April high. The bulls want a new leg up lasting many weeks like the one which started in November 2022. The bears want a failed breakout above the April high and a reversal from a trend channel line overshoot.\u00a0 EURUSD Forex market The [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":183560,"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-183410","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\/2023\/07\/EURUSD-Weekly-Big-Bull-Breakout-TCL-Overshoot.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\/183410","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=183410"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/183410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/183560"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=183410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=183410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=183410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}