{"id":183937,"date":"2023-07-23T01:30:00","date_gmt":"2023-07-23T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=183937"},"modified":"2023-07-22T19:21:24","modified_gmt":"2023-07-23T02:21:24","slug":"eurusd-failed-breakout-2","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/eurusd-failed-breakout-2\/","title":{"rendered":"EURUSD Failed Breakout?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The<strong> <\/strong>market traded higher but reversed to close as a bear bar forming a possible EURUSD Failed Breakout. The bears will need to create follow-through selling to increase the odds of a deeper pullback. The bulls hope that the move down is simply a breakout test of the April high (breakout point)<\/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-No-Bull-Follow-through-Failed-BO.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-No-Bull-Follow-through-Failed-BO-680x383.jpg\" alt=\"EURUSD Weekly: No Bull Follow-through, Failed Breakout?\" class=\"wp-image-184133\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-No-Bull-Follow-through-Failed-BO-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-No-Bull-Follow-through-Failed-BO-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-No-Bull-Follow-through-Failed-BO-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-No-Bull-Follow-through-Failed-BO-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-No-Bull-Follow-through-Failed-BO.jpg 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 bear bar closing near its low.<\/li>\n\n\n\n<li>Last week, we said that <a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-bull-breakout\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-bull-breakout\/\" rel=\"noreferrer noopener\">odds slightly favor the EURUSD to trade at least a little higher <\/a>and 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>This week traded slightly higher but reversed to close as a bear bar.<\/li>\n\n\n\n<li>The bulls got the third leg up forming a wedge pattern (Feb 2, Apr 26, and Jul 18).<\/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>However, they were not able to create a follow-through bull bar this week to confirm the breakout above the April high. This is not usually how a strong breakout begins.<\/li>\n\n\n\n<li>They hope that this week&#8217;s pullback was simply a breakout test of the April high (breakout point).<\/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 18) and a trend channel line overshoot.<\/li>\n\n\n\n<li>They need to create follow-through selling next week to increase the odds of a reversal down.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick was a bear bar closing near its low, it is a sell signal bar.<\/li>\n\n\n\n<li>Because of the lack of follow-through buying this week, odds slightly favor the market to trade at least a little lower.<\/li>\n\n\n\n<li>Traders will see if the bears can create follow-through selling or will next week trade slightly lower but close as a doji or with a bull body and a long tail below.<\/li>\n\n\n\n<li>If the bears get strong follow-through selling, the odds of a deeper pullback 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-Wedge-Top-or-Pullback.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Top-or-Pullback-680x383.jpg\" alt=\"EURUSD Daily: Wedge Top or Pullback?\" class=\"wp-image-184136\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Top-or-Pullback-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Top-or-Pullback-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Top-or-Pullback-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Top-or-Pullback-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Daily-Wedge-Top-or-Pullback.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD traded slightly higher earlier in the week but reversed to close near the April high (breakout point).<\/li>\n\n\n\n<li>Last week, we said that the first pullback would likely be minor, and the odds slightly favor at least a small second leg sideways to up.<\/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 slightly larger pullback.<\/li>\n\n\n\n<li>The bears hope to get a failed breakout above the April high.&nbsp;<\/li>\n\n\n\n<li>They want a reversal down from a trend channel line overshoot and a wedge top (Feb 2, Apr 26, and Jul 18).<\/li>\n\n\n\n<li>They will need to continue creating consecutive bear bars closing near their lows to increase the odds of a failed breakout.<\/li>\n\n\n\n<li>For now, odds slightly favor the market to still be in always in long.<\/li>\n\n\n\n<li>However, the EURUSD may still trade sideways to down for a while more, probably testing the 20-day exponential moving average to work off the recent overbought conditions.<\/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 market traded higher but reversed to close as a bear bar forming a possible EURUSD Failed Breakout. The bears will need to create follow-through selling to increase the odds of a deeper pullback. The bulls hope that the move down is simply a breakout test of the April high (breakout [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":184133,"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":[281,1455],"class_list":{"0":"post-183937","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":"tag-weak-follow-through","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/EURUSD-Weekly-No-Bull-Follow-through-Failed-BO.jpg","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\/183937","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=183937"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/183937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/184133"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=183937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=183937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=183937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}