{"id":193516,"date":"2023-11-05T01:30:00","date_gmt":"2023-11-05T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=193516"},"modified":"2023-11-04T23:02:18","modified_gmt":"2023-11-05T06:02:18","slug":"eurusd-double-bottom-bull-flag","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/eurusd-double-bottom-bull-flag\/","title":{"rendered":"EURUSD Double Bottom Bull Flag"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The monthly chart could be forming a EURUSD double bottom bull flag (Jan 6 and Oct 3). The bulls want November to be a bull bar closing near its high. The bears will need to create a breakout below the trading range low with follow-selling to increase the odds of a reversal.<\/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>Monthly<\/em> EURUSD Forex chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Monthly-Double-Bottom-Bull-Flag.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Monthly-Double-Bottom-Bull-Flag-680x383.jpg\" alt=\"EURUSD Monthly: Double Bottom Bull Flag? EURUSD Double Bottom Bull Flag\" class=\"wp-image-193614\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Monthly-Double-Bottom-Bull-Flag-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Monthly-Double-Bottom-Bull-Flag-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Monthly-Double-Bottom-Bull-Flag-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Monthly-Double-Bottom-Bull-Flag-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Monthly-Double-Bottom-Bull-Flag.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The October monthly EURUSD candlestick was a bull doji bar closing around the middle of the bar.<\/li>\n\n\n\n<li>The market traded below the September low but reversed to close above it.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-strong-bears\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that the market may need to trade sideways to down to work off the overbought condition. It has done so.<\/li>\n\n\n\n<li>The bears got a reversal down from a wedge top (Feb 2, Apr 26, and Jul 18), a trend channel line overshoot, testing the trading range low (Jan low).<\/li>\n\n\n\n<li>While October broke below the trading range low, the bears were not able to get sustained follow-through selling.<\/li>\n\n\n\n<li>The bears need to create a breakout below the trading range with sustained follow-through selling to increase the odds of a reversal.<\/li>\n\n\n\n<li>The bulls want a reversal up from a double bottom bull flag (Jan 6 and Oct 3).<\/li>\n\n\n\n<li>They will need a strong entry bar in November by closing near its high preferably above October high to increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>Since October is a doji bar, it is a neutral candlestick.<\/li>\n\n\n\n<li>The move down in the last 3 months has also alleviated the prior overbought conditions.<\/li>\n\n\n\n<li>Most breakouts from trading ranges fail. Until the bears can create a breakout with follow-through selling, odds slightly favor the trading range to continue.<\/li>\n\n\n\n<li>For now, traders need more information. That means more candlestick.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a strong bull bar in November. If they do, it will increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>However, if November closes as a doji or a bear bar with a long tail above, it may lead to a breakout attempt below the trading range (Jan\/Oct) low.<\/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\/2023\/11\/EURUSD-Weekly-No-Follow-through-Selling-Bulls-Need-FT.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-No-Follow-through-Selling-Bulls-Need-FT-680x383.jpg\" alt=\"EURUSD Weekly: No Follow-through Selling, Bulls Need FT \" class=\"wp-image-193617\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-No-Follow-through-Selling-Bulls-Need-FT-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-No-Follow-through-Selling-Bulls-Need-FT-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-No-Follow-through-Selling-Bulls-Need-FT-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-No-Follow-through-Selling-Bulls-Need-FT-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Weekly-No-Follow-through-Selling-Bulls-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 href=\"https:\/\/www.investing.com\/currencies\/eur-usd\" target=\"_blank\" rel=\"noreferrer noopener\">weekly EURUSD Forex chart<\/a>&nbsp;was a big outside bull bar closing near its high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-double-top-bear-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders will see if the bears can get a follow-through bear bar, or will the bears simply fail to get follow-through selling (like the third week of Oct)?<\/li>\n\n\n\n<li>This week traded a couple of pips below last week\u2019s low but reversed into a big bull bar, closing slightly above the 20-week EMA. The bears failed to get follow-through selling.<\/li>\n\n\n\n<li>Previously, the bears got a tight bear channel testing the trading range low (Jan 6).<\/li>\n\n\n\n<li>They see the last 5 weeks simply as a pullback and want the market to resume lower, breaking far below the January low with follow-through selling.<\/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 from a wedge bear flag (Oct 12, Oct 24, and Nov 3).<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that they have not been able to create follow-through selling, and this week\u2019s big bull bar is not a strong sell signal bar.<\/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 Jan 6) and a parabolic wedge (Aug 3, Aug 25, and Oct 3).<\/li>\n\n\n\n<li>So far, the pullback has a lot of overlapping bars. The bulls are not yet very strong.<\/li>\n\n\n\n<li>This week closed slightly above the 20-week EMA. They will need to create follow-through buying next week to increase the odds of a reversal.<\/li>\n\n\n\n<li>If the market trades lower in the next couple of weeks, the bulls hope that the current sideways trading range will be the final flag of the move down.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a big bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>For now, odds slightly favor the market to trade at least a little higher.<\/li>\n\n\n\n<li>If the bulls can get a couple of consecutive bull bars closing near their high, it will increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>Traders will see if the bulls can get follow-through buying or will next week trade slightly higher but continue to stall around the 20-week EMA area.<\/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 monthly chart could be forming a EURUSD double bottom bull flag (Jan 6 and Oct 3). The bulls want November to be a bull bar closing near its high. The bears will need to create a breakout below the trading range low with follow-selling to increase the odds of a [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":193617,"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-193516","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\/11\/EURUSD-Weekly-No-Follow-through-Selling-Bulls-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\/193516","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=193516"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/193516\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/193617"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=193516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=193516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=193516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}