{"id":202092,"date":"2024-03-10T01:30:00","date_gmt":"2024-03-10T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=202092"},"modified":"2024-03-09T23:32:50","modified_gmt":"2024-03-10T07:32:50","slug":"eurusd-two-legged-pullback","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/eurusd-two-legged-pullback\/","title":{"rendered":"EURUSD Two-Legged Pullback"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The weekly chart formed a EURUSD two-legged pullback, closing above the 20-week EMA. The bulls need to create a follow-through bull bar to increase the odds of the bull leg resuming. The bears want the 20-week EMA to act as resistance and a reversal from a lower high major trend 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>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\/2024\/03\/EURUSD-Weekly-Close-above-20-week-EMA-Bulls-Need-FT.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekly-Close-above-20-week-EMA-Bulls-Need-FT-680x383.jpg\" alt=\"EURUSD Weekly: Close above 20-week EMA, Bulls Need FT, EURUSD Two-Legged Pullback\" class=\"wp-image-202363\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekly-Close-above-20-week-EMA-Bulls-Need-FT-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekly-Close-above-20-week-EMA-Bulls-Need-FT-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekly-Close-above-20-week-EMA-Bulls-Need-FT-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekly-Close-above-20-week-EMA-Bulls-Need-FT-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Weekly-Close-above-20-week-EMA-Bulls-Need-FT.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\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 bar closing in its upper half with a prominent tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-doji\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the market may still be in the sideways to up pullback phase.<\/li>\n\n\n\n<li>This week, the bulls got follow-through buying closing above the 20-week EMA.<\/li>\n\n\n\n<li>They want a retest of the December high followed by a breakout above.<\/li>\n\n\n\n<li>They see the recent pullback (from Dec to Feb) as minor and want the 20-week EMA or the bull trend line to act as support. So far this is the case.<\/li>\n\n\n\n<li>They got a reversal from a double bottom bull flag (Dec 8 and Feb 14).&nbsp;<\/li>\n\n\n\n<li>They hope to get at least another leg up completing the wedge with the first two legs being February 22 and March 8.<\/li>\n\n\n\n<li>They will need to create consecutive bull bars closing near their highs, trading above the 20-week EMA to increase the odds of the bull leg resuming.<\/li>\n\n\n\n<li>The bears got a reversal from a wedge bear flag (Nov 3, Nov 29, and Dec 28) and a lower high major trend reversal.<\/li>\n\n\n\n<li>They created a tight bear channel closing below the 20-week EMA. They want a retest of the trading range low (Oct 2023 low).<\/li>\n\n\n\n<li>They see the current pullback (bounce) as forming a lower high major trend reversal (against Dec high).<\/li>\n\n\n\n<li>They want the 20-week EMA to act as resistance and the market to reverse back below it.<\/li>\n\n\n\n<li>If the market trades higher, they want a reversal from a large double top bear flag with the December high.<\/li>\n\n\n\n<li>Since this week is a bull bar closing in its upper half, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>Traders will see if the bulls can create another follow-through bull bar above the 20-week EMA.<\/li>\n\n\n\n<li>So far, while the pullback is not yet very strong (prominent tails above and doji), it is in a small tight bull channel, which means persistent buying.<\/li>\n\n\n\n<li>The EURUSD is in a 67-week trading range. (Trading range high: July 2023, Trading range low: Oct 2023).&nbsp;<\/li>\n\n\n\n<li>The EURUSD is in a smaller trading range in the last 17 weeks.&nbsp;<\/li>\n\n\n\n<li>Traders will continue to BLSH (Buy Low, Sell High) within a trading range until there is a breakout with follow-through selling\/buying.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>For now, the bulls need to create a follow-through bull bar following this week\u2019s close above the 20-week EMA to increase the odds of the bull leg resuming.<\/li>\n\n\n\n<li>Traders will see if the bulls can create follow-through buying or will the bears be able to create a reversal back below the 20-week EMA instead.<\/li>\n\n\n\n<li>If the bulls can create a few strong consecutive bull bars closing above the 20-week EMA, it can swing the odds in favor of the bull leg resuming.<\/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\/2024\/03\/EURUSD-Daily-FT-Buying-above-20-day-EMA.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-FT-Buying-above-20-day-EMA-680x383.jpg\" alt=\"EURUSD Daily: FT Buying above 20-day EMA\" class=\"wp-image-202366\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-FT-Buying-above-20-day-EMA-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-FT-Buying-above-20-day-EMA-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-FT-Buying-above-20-day-EMA-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-FT-Buying-above-20-day-EMA-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/EURUSD-Daily-FT-Buying-above-20-day-EMA.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD traded sideways to up for the week above the 20-day EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/minor-pullback-on-eurusd\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that the market may still be in the sideways-to-up pullback phase and favor at least a small second leg up after a small pullback.<\/li>\n\n\n\n<li>This week, the bulls managed to create a second leg up after a small pullback.<\/li>\n\n\n\n<li>The bulls see the move down (to Feb low) as forming a double bottom bull flag (Dec 8 and Feb 14) and a wedge bull flag (Jan 5, Feb 6, and Feb 14).&nbsp;<\/li>\n\n\n\n<li>They want at least a TBTL (Ten Bars, Two Legs) pullback, which is currently underway.<\/li>\n\n\n\n<li>If the market trades lower, they want at least another leg up, completing the wedge pattern with the first two legs being February 22 and March 8.<\/li>\n\n\n\n<li>They want the 20-day EMA or the bull trend line to act as support.<\/li>\n\n\n\n<li>The move up is strong enough to favor at least a small second leg sideways to up after another small pullback.<\/li>\n\n\n\n<li>Previously, the bears were able to able to create sideways to down trading below the 20-day EMA (from Dec to Feb), albeit not very strong (a lot of overlapping price action).<\/li>\n\n\n\n<li>They got the third leg down (therefore a wedge, Jan 5, Feb 6, and Feb 14) breaking below the December 8 low but lacked follow-through selling.<\/li>\n\n\n\n<li>They see the current move simply as a two-legged pullback and a buy vacuum test of the small trading range high area.<\/li>\n\n\n\n<li>They want a reversal from a lower high major trend reversal (against Dec high), a double top bear flag (Jan 11 and Mar 8) and around the trading range high area.<\/li>\n\n\n\n<li>At a minimum, they want a small retest of the February 14 low (even if it only ends up as a higher low).<\/li>\n\n\n\n<li>If the market trades higher, they want it to stall around the December high, forming a larger double top bear flag.<\/li>\n\n\n\n<li>So far, the pullback is strong enough to slightly favor at least a small sideways to up leg after a small pullback.<\/li>\n\n\n\n<li>For now, the market may still be in the sideways to up pullback phase.<\/li>\n\n\n\n<li>However, it is also trading around the upper third of the trading range which is the sell zone of trading range traders.<\/li>\n\n\n\n<li>Traders will see if the bulls can create more buying pressure (consecutive bull bars closing near their highs).<\/li>\n\n\n\n<li>Or will more selling pressure start to develop around the trading range high area instead?<\/li>\n\n\n\n<li>The EURUSD is in a smaller trading range in the last 17 weeks.&nbsp;<\/li>\n\n\n\n<li>Traders will continue to BLSH (Buy Low, Sell High) within a trading range until there is a breakout with follow-through selling\/buying.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/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 formed a EURUSD two-legged pullback, closing above the 20-week EMA. The bulls need to create a follow-through bull bar to increase the odds of the bull leg resuming. The bears want the 20-week EMA to act as resistance and a reversal from a lower high major trend reversal. [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":202363,"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-202092","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\/2024\/03\/EURUSD-Weekly-Close-above-20-week-EMA-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\/202092","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=202092"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/202092\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/202363"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=202092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=202092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=202092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}