{"id":210083,"date":"2024-06-09T01:30:00","date_gmt":"2024-06-09T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=210083"},"modified":"2024-06-09T08:25:44","modified_gmt":"2024-06-09T15:25:44","slug":"weekly-eurusd-double-top-bear-flag","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/weekly-eurusd-double-top-bear-flag\/","title":{"rendered":"Weekly EURUSD Double Top Bear Flag"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The market formed a weekly EURUSD double top bear flag (Apr 9\u00a0and\u00a0May 16). The bears want a reversal from a double top bear flag and a small double top (May 16 and Jun 4). If there is a deeper pullback, the bulls want a reversal from a higher low 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\/06\/EURUSD-Weekly-Double-Top-Bear-Flag-Lower-High.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Weekly-Double-Top-Bear-Flag-Lower-High-680x383.jpg\" alt=\"EURUSD Weekly: Double Top Bear Flag, Lower High, Weekly EURUSD Double Top Bear Flag\" class=\"wp-image-210219\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Weekly-Double-Top-Bear-Flag-Lower-High-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Weekly-Double-Top-Bear-Flag-Lower-High-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Weekly-Double-Top-Bear-Flag-Lower-High-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Weekly-Double-Top-Bear-Flag-Lower-High-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Weekly-Double-Top-Bear-Flag-Lower-High.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\u00a0week\u2019s\u00a0candlestick on the\u00a0<a href=\"https:\/\/www.investing.com\/currencies\/eur-usd\" target=\"_blank\" rel=\"noreferrer noopener\">weekly EURUSD Forex chart<\/a> was a bear bar closing near its low with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-triangle\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that because of the tight bull channel, odds slightly favor the market to still be in the sideways to up phase.<\/li>\n\n\n\n<li>The market traded higher for most of the week but sold off on Friday, closing below the 20-week EMA.<\/li>\n\n\n\n<li>The bulls have a tight bull channel but have only reached a lower high.<\/li>\n\n\n\n<li>The breakout above the outside bar and May 16 high had no follow-through buying.<\/li>\n\n\n\n<li>They hope that the last 3 weeks were a pullback and want another leg up testing the March 8 high.<\/li>\n\n\n\n<li>If the market trades lower, they want the 20-week EMA to continue acting as support.<\/li>\n\n\n\n<li>If there is a deeper pullback, they want a reversal from a higher low major trend reversal.<\/li>\n\n\n\n<li>The bears see the\u00a0recent moves simply as a deep pullback and want at least a small retest of the\u00a0April 16\u00a0low (even if it forms a higher low).<\/li>\n\n\n\n<li>They want a reversal from a double top bear flag (Apr 9\u00a0and\u00a0May 16) and a small double top (May 16 and Jun 4).<\/li>\n\n\n\n<li>They see this week as a failed breakout from last week\u2019s outside doji.<\/li>\n\n\n\n<li>They hope to get another leg down\u00a0completing\u00a0the wedge pattern\u00a0with\u00a0the first two legs being\u00a0February\u00a014\u00a0and\u00a0April 16.\u00a0<\/li>\n\n\n\n<li>If the market trades higher, the bears want\u00a0a\u00a0larger\u00a0double top bear flag with the\u00a0March 8\u00a0high.<\/li>\n\n\n\n<li>They need to create consecutive bear bars trading below the 20-week EMA to convince traders that they are back in control.<\/li>\n\n\n\n<li>Since this week is a bear bar closing near its low, it is a sell signal bar for next week.<\/li>\n\n\n\n<li>The bears will need to create a follow-through bear bar following this week\u2019s close below the 20-week EMA to increase the odds of retesting the April 16 low.<\/li>\n\n\n\n<li>The market is currently trading around the middle of\u00a0the trading range. It is an area of balance.<\/li>\n\n\n\n<li>The EURUSD is in an 81-week trading range. (Trading range high: July 2023, Trading range low: Oct 2023).\u00a0<\/li>\n\n\n\n<li>Traders will continue to\u00a0BLSH (Buy Low, Sell High) within a trading range until\u00a0there is\u00a0a\u00a0breakout 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\">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\/06\/EURUSD-Daily-Wedge-Bear-Flag-Double-Top-Bear-Flag-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Daily-Wedge-Bear-Flag-Double-Top-Bear-Flag-1-680x383.jpg\" alt=\"EURUSD Daily: Wedge Bear Flag, Double Top Bear Flag\" class=\"wp-image-210241\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Daily-Wedge-Bear-Flag-Double-Top-Bear-Flag-1-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Daily-Wedge-Bear-Flag-Double-Top-Bear-Flag-1-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Daily-Wedge-Bear-Flag-Double-Top-Bear-Flag-1-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Daily-Wedge-Bear-Flag-Double-Top-Bear-Flag-1-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/EURUSD-Daily-Wedge-Bear-Flag-Double-Top-Bear-Flag-1.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 most of the week but sold off on Friday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/no-weekly-eurusd-follow-through\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that traders will see if the bulls can get at least a small second leg sideways to up or will the market trade slightly higher but stall around or below the May 16 high area.<\/li>\n\n\n\n<li>The market formed a second leg sideways to up earlier in the week but stalled around the May 16 high area followed by a big bear bar on Friday.<\/li>\n\n\n\n<li>Previously, the bulls got a reversal from a higher low\u00a0major\u00a0trend reversal and a wedge bull flag\u00a0(Dec 8,\u00a0Feb 14, and\u00a0Apr 16).<\/li>\n\n\n\n<li>They see this week\u00a0as a retest of the May 16 high and want a breakout above with the next target being the March 8 high.<\/li>\n\n\n\n<li>However, the follow-through buying following the breakout above May 16 was limited.<\/li>\n\n\n\n<li>If the market trades lower, they want the 20-day EMA or the bull trend line to act as support.<\/li>\n\n\n\n<li>If there is a deep pullback, they want a reversal from a higher low\u00a0major\u00a0trend reversal.<\/li>\n\n\n\n<li>The bears see the current move as a deep pullback\u00a0forming\u00a0a wedge bear flag (Apr 26,\u00a0May 3, and\u00a0May 16) and a double top bear flag (Apr 9\u00a0and\u00a0May 16).<\/li>\n\n\n\n<li>They also see a\u00a0small double top (May 16 and Jun 4).<\/li>\n\n\n\n<li>They want another leg down\u00a0completing\u00a0the larger\u00a0wedge pattern\u00a0with\u00a0the first two legs being\u00a0February\u00a014\u00a0and\u00a0April 16.<\/li>\n\n\n\n<li>At the least, they want\u00a0a small retest of the\u00a0April 16\u00a0low, even if it only forms a higher low.<\/li>\n\n\n\n<li>They need to create consecutive bear bars closing near their lows\u00a0trading\u00a0far below the 20-day EMA to increase the odds of the bear leg beginning.<\/li>\n\n\n\n<li>Since Friday was a big bear bar closing below the 20-day EMA it is a sell signal bar for next Monday.<\/li>\n\n\n\n<li>Traders will see if the bears can create sustained follow-through selling.<\/li>\n\n\n\n<li>If they do, the odds will swing in favor of a retest of the April 16 low.<\/li>\n\n\n\n<li>The market\u00a0is currently trading\u00a0around the\u00a0middle of the trading range\u00a0which\u00a0can be an area of balance.<\/li>\n\n\n\n<li>Traders will continue to\u00a0BLSH (Buy Low, Sell High) within a trading range until\u00a0there is\u00a0a\u00a0breakout 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 market formed a weekly EURUSD double top bear flag (Apr 9\u00a0and\u00a0May 16). The bears want a reversal from a double top bear flag and a small double top (May 16 and Jun 4). If there is a deeper pullback, the bulls want a reversal from a higher low major trend [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":210219,"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-210083","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\/06\/EURUSD-Weekly-Double-Top-Bear-Flag-Lower-High.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\/210083","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=210083"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/210083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/210219"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=210083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=210083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=210083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}