The Weekly<\/em> EURUSD chart<\/h3>\n\n\n\n![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/EURUSD-Weekly-Breakout-Test-or-Stalling-near-TR-Low-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This week\u2019s candlestick on the weekly EURUSD Forex chart<\/a> was a bull doji with a long tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said\u00a0that the\u00a0market may still be in the sideways to down bear leg. Traders will see if the bears can get another leg lower or\u00a0will\u00a0the market\u00a0continue\u00a0to stall around the current levels (lower third of the\u00a0large\u00a0trading range).<\/li>\n\n\n\n
- The market traded sideways to up for most of the week, but traded lower on Friday, closing the week with a long tail above.<\/li>\n\n\n\n
- The bears got a breakout below the triangle pattern and the smaller 22-week trading range but were not able to get strong follow-through selling.<\/li>\n\n\n\n
- They hope that the last two weeks were simply a pullback and a breakout test.<\/li>\n\n\n\n
- They want to get at least another leg down, completing the wedge pattern with the first two legs being February 14 and April 16. At the very least, they want a retest of the April 16 low.<\/li>\n\n\n\n
- If the market trades higher, the bears want the market to stall around the breakout point or the 20-week EMA.<\/li>\n\n\n\n
- The bulls see the current move simply as a two-legged pullback (which started on Dec 28) and a bear leg within a trading range.<\/li>\n\n\n\n
- They want a reversal from around the lower third of the large trading range from a higher low major trend reversal, a larger wedge bull flag (Mar 15, Oct 3, and Apr 16) and a wedge in the third leg down (Dec 8, Feb 14, and Apr 16).<\/li>\n\n\n\n
- While this week was a follow-through bull doji, the small bull body and the long tail above indicate that the bulls are not yet as strong as they hope to be.<\/li>\n\n\n\n
- They need to create consecutive bull bars closing near their highs and trading above the 20-week EMA to indicate they are back in control.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a bull doji with a long tail above, it is a buy signal bar albeit weak.<\/li>\n\n\n\n
- Traders are wondering if the two bull doji(s) are enough to reverse the big bear breakout bar.<\/li>\n\n\n\n
- If the bulls get more follow-through buying, it could swing the odds in favor of a failed breakout of the triangle pattern and the smaller 22-week trading range.<\/li>\n\n\n\n
- Traders may want to see at least a small double bottom (with April 16) before they would be more willing to buy aggressively.<\/li>\n\n\n\n
- For now, the market may still be in the sideways to down bear leg.<\/li>\n\n\n\n
- Traders will see if the bears can get another leg lower or will the market continue to stall around the current levels (lower third of the large trading range).<\/li>\n\n\n\n
- The EURUSD is in a 75-week trading range. (Trading range high: July 2023, Trading range low: Oct 2023). <\/li>\n\n\n\n
- The lower third area of the\u00a0large\u00a0trading range could be a buy zone for trading range traders.<\/li>\n\n\n\n
- 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
- Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> EURUSD chart<\/h3>\n\n\n\n![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/EURUSD-Daily-Bear-Flag-or-Failed-Breakout-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n
![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/EURUSD-Weekly-Breakout-Test-or-Stalling-near-TR-Low.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This week\u2019s candlestick on the weekly EURUSD Forex chart<\/a> was a bull doji with a long tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said\u00a0that the\u00a0market may still be in the sideways to down bear leg. Traders will see if the bears can get another leg lower or\u00a0will\u00a0the market\u00a0continue\u00a0to stall around the current levels (lower third of the\u00a0large\u00a0trading range).<\/li>\n\n\n\n
- The market traded sideways to up for most of the week, but traded lower on Friday, closing the week with a long tail above.<\/li>\n\n\n\n
- The bears got a breakout below the triangle pattern and the smaller 22-week trading range but were not able to get strong follow-through selling.<\/li>\n\n\n\n
- They hope that the last two weeks were simply a pullback and a breakout test.<\/li>\n\n\n\n
- They want to get at least another leg down, completing the wedge pattern with the first two legs being February 14 and April 16. At the very least, they want a retest of the April 16 low.<\/li>\n\n\n\n
- If the market trades higher, the bears want the market to stall around the breakout point or the 20-week EMA.<\/li>\n\n\n\n
- The bulls see the current move simply as a two-legged pullback (which started on Dec 28) and a bear leg within a trading range.<\/li>\n\n\n\n
- They want a reversal from around the lower third of the large trading range from a higher low major trend reversal, a larger wedge bull flag (Mar 15, Oct 3, and Apr 16) and a wedge in the third leg down (Dec 8, Feb 14, and Apr 16).<\/li>\n\n\n\n
- While this week was a follow-through bull doji, the small bull body and the long tail above indicate that the bulls are not yet as strong as they hope to be.<\/li>\n\n\n\n
- They need to create consecutive bull bars closing near their highs and trading above the 20-week EMA to indicate they are back in control.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a bull doji with a long tail above, it is a buy signal bar albeit weak.<\/li>\n\n\n\n
- Traders are wondering if the two bull doji(s) are enough to reverse the big bear breakout bar.<\/li>\n\n\n\n
- If the bulls get more follow-through buying, it could swing the odds in favor of a failed breakout of the triangle pattern and the smaller 22-week trading range.<\/li>\n\n\n\n
- Traders may want to see at least a small double bottom (with April 16) before they would be more willing to buy aggressively.<\/li>\n\n\n\n
- For now, the market may still be in the sideways to down bear leg.<\/li>\n\n\n\n
- Traders will see if the bears can get another leg lower or will the market continue to stall around the current levels (lower third of the large trading range).<\/li>\n\n\n\n
- The EURUSD is in a 75-week trading range. (Trading range high: July 2023, Trading range low: Oct 2023). <\/li>\n\n\n\n
- The lower third area of the\u00a0large\u00a0trading range could be a buy zone for trading range traders.<\/li>\n\n\n\n
- 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
- Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> EURUSD chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n - Last week<\/a>, we said\u00a0that the\u00a0market may still be in the sideways to down bear leg. Traders will see if the bears can get another leg lower or\u00a0will\u00a0the market\u00a0continue\u00a0to stall around the current levels (lower third of the\u00a0large\u00a0trading range).<\/li>\n\n\n\n