{"id":193097,"date":"2023-10-29T01:30:00","date_gmt":"2023-10-29T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=193097"},"modified":"2023-10-29T01:46:34","modified_gmt":"2023-10-29T08:46:34","slug":"eurusd-double-top-bear-flag","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/eurusd-double-top-bear-flag\/","title":{"rendered":"EURUSD Double Top Bear Flag?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The market is forming a EURUSD double top bear flag (Oct 12 and Oct 24) on the weekly chart. The bears need to create follow-through selling to increase the odds of a retest and breakout attempt below the October 3 low. If the market trades lower, the bulls want a final flag reversal up from around October 3 low.<\/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\/10\/EURUSD-Weekly-Double-Top-Bear-Flag-Bears-Need-FT.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Double-Top-Bear-Flag-Bears-Need-FT-680x383.jpg\" alt=\"EURUSD Double Top Bear Flag, EURUSD Weekly: Double Top Bear Flag? Bears Need FT\" class=\"wp-image-193233\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Double-Top-Bear-Flag-Bears-Need-FT-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Double-Top-Bear-Flag-Bears-Need-FT-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Double-Top-Bear-Flag-Bears-Need-FT-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Double-Top-Bear-Flag-Bears-Need-FT-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Double-Top-Bear-Flag-Bears-Need-FT.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 target=\"_blank\" href=\"https:\/\/www.investing.com\/currencies\/eur-usd\" rel=\"noreferrer noopener\">weekly EURUSD Forex chart<\/a>&nbsp;was a bear bar with a long tail above and a prominent tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-final-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that while the sideways to up pullback can still last a while more, odds are the pullback is minor and we will get a retest of the prior leg extreme (Oct 3) after the pullback.<\/li>\n\n\n\n<li>This week traded higher early in the week but did not get sustained follow-through buying and traded lower, closing in the lower half.<\/li>\n\n\n\n<li>The bulls hope that the strong move down from July is simply a sell vacuum within a trading range.<\/li>\n\n\n\n<li>They want a reversal up from a double bottom bull flag (with Mar 15) and a parabolic wedge (Aug 3, Aug 25, and Oct 3).<\/li>\n\n\n\n<li>So far, the pullback has bear bars and a lot of overlapping ranges. The bulls are not yet very strong.<\/li>\n\n\n\n<li>They need to create follow-through buying trading far above the bear trend line and the 20-week EMA to increase the odds of a reversal.<\/li>\n\n\n\n<li>If the market trades lower, they hope that the current sideways trading range will be the final flag of the move down.<\/li>\n\n\n\n<li>The bears got a tight bear channel testing the trading range low.<\/li>\n\n\n\n<li>That increases the odds of at least a small sideways to down leg after a larger pullback (bounce).<\/li>\n\n\n\n<li>They see the last 4 weeks simply as a small pullback and want the market to resume lower, breaking far below the March low with follow-through selling.<\/li>\n\n\n\n<li>The selloff from July 18 lasted a long time and was climactic. The market is forming a pullback that lasts at least a couple of weeks.<\/li>\n\n\n\n<li>They want the pullback (bounce) to be weak (overlapping bars, doji(s), bear bars) and sideways, followed by another leg lower.&nbsp;<\/li>\n\n\n\n<li>So far, the pullback is sideways and has overlapping bars (therefore weak).<\/li>\n\n\n\n<li>They want a resumption lower from a double top bear flag (Oct 12 and Oct 24).<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bear bar with tails (small body; looks like a doji), it is a sell signal bar albeit weak.<\/li>\n\n\n\n<li>For now, while the sideways to up pullback can last a while more, odds are the pullback is minor and we will get a retest of the prior leg extreme (Oct 3) after the pullback.<\/li>\n\n\n\n<li>Traders will see if the bears can get a follow-through bear bar or will the market trade slightly lower but close with a long tail or a bull body.<\/li>\n\n\n\n<li>If they get strong follow-through selling, we could get a retest of the October 3 low and a breakout attempt below.<\/li>\n\n\n\n<li>If instead, the retest of the October 3 low is brief and reverses up immediately, it will increase the odds of the pullback (bounce) resuming for much longer from a final flag reversal.<\/li>\n\n\n\n<li>Or will the bears simply fail to get follow-through selling (like the third week of Oct)?<\/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\/10\/EURUSD-Daily-3rd-Leg-up-or-Retest-Oct-Low-Final-Flag.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-3rd-Leg-up-or-Retest-Oct-Low-Final-Flag-680x383.jpg\" alt=\"EURUSD Daily: 3rd Leg up or Retest Oct Low? Final Flag?\" class=\"wp-image-193236\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-3rd-Leg-up-or-Retest-Oct-Low-Final-Flag-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-3rd-Leg-up-or-Retest-Oct-Low-Final-Flag-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-3rd-Leg-up-or-Retest-Oct-Low-Final-Flag-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-3rd-Leg-up-or-Retest-Oct-Low-Final-Flag-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-3rd-Leg-up-or-Retest-Oct-Low-Final-Flag.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD was mostly sideways for the week. The market traded higher earlier in the week but turned lower on Tuesday with some follow-through selling. Friday was a doji bar closing below the 20-day EMA.<\/li>\n\n\n\n<li>Last week, we said the odds continue to slightly favor the current pullback to be minor and favor a retest of the prior leg extreme (Oct 3 low) after the pullback.<\/li>\n\n\n\n<li>The bulls hope that the strong move down (Jul 18 to Oct 3) is simply a sell vacuum test of the 46-week trading range low.<\/li>\n\n\n\n<li>They want a larger pullback (bounce) from a parabolic wedge (Aug 25, Sept 14, and Oct 3) and a large double bottom with the March low.<\/li>\n\n\n\n<li>They hope to get another leg up from a double bottom bull flag (Oct 13 and Oct 26).<\/li>\n\n\n\n<li>They need to create consecutive bull bars closing near their highs, breaking far above the 20-day EMA and the bear trend line to increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>If the market trades lower, they hope that the small sideways trading range in the last 4 weeks will be the final flag of the move down and reverse up from a double bottom with the October 3 low.<\/li>\n\n\n\n<li>The bears got a tight bear channel down lasting 13 weeks.<\/li>\n\n\n\n<li>They want a strong breakout below the March low and a measured move down based on the height of the 46-week trading range.<\/li>\n\n\n\n<li>The move down since July 18 is in a tight bear channel. That increases the odds of at least a small sideways to down leg after the current pullback.<\/li>\n\n\n\n<li>The bears want a resumption lower from a double top bear flag (Oct 12 and Oct 23).<\/li>\n\n\n\n<li>If the market trades higher, the bears want a reversal from a wedge bear flag with the first two legs being October 12 and October 24.<\/li>\n\n\n\n<li>For now, while the market could still trade sideways to up for a while more, odds slightly favor at least a small retest of the October 3 low after the pullback.<\/li>\n\n\n\n<li>Traders will see if the bears can create follow-through selling or will the market continue to stall around the current levels, just above the October 3 low area.<\/li>\n\n\n\n<li>If the retest of the October 3 low is brief and reverses up immediately, odds will swing in favor of the pullback (bounce) resuming for at least a couple more weeks.<\/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 market is forming a EURUSD double top bear flag (Oct 12 and Oct 24) on the weekly chart. The bears need to create follow-through selling to increase the odds of a retest and breakout attempt below the October 3 low. If the market trades lower, the bulls want a final [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":193233,"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":["post-193097","post","type-post","status-publish","format-standard","has-post-thumbnail","category-forex","category-analysis","tag-eurusd-forex","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Weekly-Double-Top-Bear-Flag-Bears-Need-FT.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\/193097","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=193097"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/193097\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/193233"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=193097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=193097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=193097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}