{"id":212156,"date":"2024-07-07T01:30:00","date_gmt":"2024-07-07T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=212156"},"modified":"2024-07-12T09:37:12","modified_gmt":"2024-07-12T16:37:12","slug":"weekly-eurusd-wedge","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/weekly-eurusd-wedge\/","title":{"rendered":"Weekly EURUSD Wedge"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The market formed a weekly EURUSD wedge bull flag (Feb 14, Apr 16, and Jun 26). The bulls need to create follow-through buying next week (even if it is only a bull doji). The bears see the current move simply as a pullback forming a lower high and want another leg down to retest the recent leg low (Jun 26).<\/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\/07\/EURUSD-Weekly-Wedge-Bull-Flag-Triangle.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-Wedge-Bull-Flag-Triangle-680x383.jpg\" alt=\"EURUSD Weekly: Wedge Bull Flag, Triangle, Weekly EURUSD Wedge\" class=\"wp-image-212368\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-Wedge-Bull-Flag-Triangle-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-Wedge-Bull-Flag-Triangle-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-Wedge-Bull-Flag-Triangle-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-Wedge-Bull-Flag-Triangle-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Weekly-Wedge-Bull-Flag-Triangle.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&nbsp;week\u2019s&nbsp;candlestick on the&nbsp;<a href=\"https:\/\/www.investing.com\/currencies\/eur-usd\" target=\"_blank\" rel=\"noreferrer noopener\">weekly EURUSD Forex chart<\/a> was a bull bar closing near its high and above the 20-week EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-is-stalling\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders would see if the bulls can create a follow-through bull bar testing the 20-week EMA or if the bears can create a breakout below the triangle. The EURUSD is trading near the lower third of the smaller trading range which can be the buy zone of trading range traders.<\/li>\n\n\n\n<li>The bears see the&nbsp;move up to June 4 simply as a deep pullback and got a retest of the&nbsp;April 16&nbsp;low forming a higher low.<\/li>\n\n\n\n<li>They got a reversal from a wedge bear flag (Apr 26,&nbsp;May 3, and&nbsp;May 16), a double top bear flag (Apr 9&nbsp;and&nbsp;May 16) and a small double top (May 16 and Jun 4).<\/li>\n\n\n\n<li>They see the current move simply as a pullback forming a lower high and want another leg down to retest the recent leg low (Jun 26).<\/li>\n\n\n\n<li>The bears need to create a strong breakout below the triangle with follow-through selling to increase the odds of retesting October 2023 low. So far, they have not yet been able to do so.<\/li>\n\n\n\n<li>If the market trades higher, the bears want the 20-week EMA or the bear trend line to act as resistance.<\/li>\n\n\n\n<li>The bulls want 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 higher low major trend reversal and a wedge bull flag (Feb 14, Apr 16, and Jun 26).<\/li>\n\n\n\n<li>They need to create consecutive bull bars closing above the 20-week EMA to show that they are back in control.<\/li>\n\n\n\n<li>That means they need to create follow-through buying next week (even if it is only a bull doji).<\/li>\n\n\n\n<li>They need to create a breakout above the triangle with follow-through buying to increase the odds of a retest of the trading range high (Dec 28).<\/li>\n\n\n\n<li>Since this week is a bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>Odds slightly favor the market to trade at least a little higher.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a follow-through bull bar trading the 20-week EMA or will the market trade slightly higher but stall and close with a long tail above or a bear body.<\/li>\n\n\n\n<li>The EURUSD is trading around the middle of the trading range which is an area of balance.<\/li>\n\n\n\n<li>The EURUSD is in an 85-week trading range. (Trading range high: July 2023, Trading range low: Oct 2023).&nbsp;<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>Traders will continue to&nbsp;BLSH (Buy Low, Sell High) within a trading range until&nbsp;there is&nbsp;a&nbsp;breakout with follow-through selling\/buying.<\/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\/07\/EURUSD-Daily-Bull-Leg-Tight-Bull-Channel.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Bull-Leg-Tight-Bull-Channel-680x383.jpg\" alt=\"EURUSD Daily: Bull Leg, Tight Bull Channel\" class=\"wp-image-212371\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Bull-Leg-Tight-Bull-Channel-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Bull-Leg-Tight-Bull-Channel-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Bull-Leg-Tight-Bull-Channel-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Bull-Leg-Tight-Bull-Channel-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/EURUSD-Daily-Bull-Leg-Tight-Bull-Channel.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 with consecutive bull bars trading above the 20-day EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/eurusd-bear-leg\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that traders would see if the bears could continue to create follow-through selling. The market was trading around the lower third of the smaller trading range which can be the buy zone of trading range traders.<\/li>\n\n\n\n<li>The bulls got a reversal from a higher low&nbsp;major&nbsp;trend reversal and a wedge bull flag (Feb 14, Apr 16, and Jun 26).<\/li>\n\n\n\n<li>They managed to get follow-through buying trading above the 20-day EMA.<\/li>\n\n\n\n<li>They see the recent move to the June 26 low simply as a pullback and a retest of the prior low (Apr 16).<\/li>\n\n\n\n<li>They want a retest of the June high followed by a breakout.<\/li>\n\n\n\n<li>If there is a pullback, they want at least a small second leg sideways to up to retest the current leg extreme high (now Jul 5).<\/li>\n\n\n\n<li>Previously, the bears got a reversal from&nbsp;a wedge bear flag (Apr 26,&nbsp;May 3, and&nbsp;May 16) and a double top bear flag (Apr 9&nbsp;and&nbsp;May 16).<\/li>\n\n\n\n<li>They got another leg down&nbsp;completing&nbsp;the larger&nbsp;wedge pattern&nbsp;(Feb&nbsp;14, Apr 16, and Jun 26).<\/li>\n\n\n\n<li>The third leg down formed a higher low which indicates that the bears are not as strong as they hoped to be.<\/li>\n\n\n\n<li>They see the current move simply as a pullback forming a lower high.<\/li>\n\n\n\n<li>They see a larger wedge bear flag forming (Mar 8, Jun 4 and the still developing third leg Jul 5).<\/li>\n\n\n\n<li>They want the bear trend line to act as resistance and want the market to reverse below the 20-day EMA.<\/li>\n\n\n\n<li>The market has traded back to around the middle of the trading range which is an area of balance.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can continue to create follow-through buying.<\/li>\n\n\n\n<li>Or will the market stall around the bear trend line area and reverse back below the 20-day EMA?<\/li>\n\n\n\n<li>The current move up is strong enough for traders to expect at least a small second leg sideways to up after a small pullback.<\/li>\n\n\n\n<li>The market is forming a contracting triangle with lower highs and higher lows. The market is in breakout mode.<\/li>\n\n\n\n<li>Traders will continue to&nbsp;BLSH (Buy Low, Sell High) within a trading range until&nbsp;there is&nbsp;a&nbsp;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 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 formed a weekly EURUSD wedge bull flag (Feb 14, Apr 16, and Jun 26). The bulls need to create follow-through buying next week (even if it is only a bull doji). The bears see the current move simply as a pullback forming a lower high and want another leg [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":212368,"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-212156","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\/2024\/07\/EURUSD-Weekly-Wedge-Bull-Flag-Triangle.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\/212156","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=212156"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/212156\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/212368"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=212156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=212156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=212156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}