{"id":215251,"date":"2024-08-18T01:30:00","date_gmt":"2024-08-18T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=215251"},"modified":"2024-08-17T12:33:09","modified_gmt":"2024-08-17T19:33:09","slug":"weekly-eurusd-breakout","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/weekly-eurusd-breakout\/","title":{"rendered":"Weekly EURUSD Breakout"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The market formed a weekly EURUSD breakout above the triangle. The bulls need to create more follow-through bull bars following this week\u2019s breakout to increase the odds of testing the July 18, 2023, high. The bears want a reversal from a large wedge bear flag (Mar 8, Jun 4, and Aug 14) and a smaller wedge (Jun 4, Jul 17, and Aug 14). They want a failed breakout of the triangle pattern.<\/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\/08\/EURUSD-Weekly-Breakout-above-Triangle-TR-High.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-Breakout-above-Triangle-TR-High-680x383.jpg\" alt=\"EURUSD Weekly: Breakout above Triangle, TR High, Weekly EURUSD Breakout\" class=\"wp-image-215422\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-Breakout-above-Triangle-TR-High-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-Breakout-above-Triangle-TR-High-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-Breakout-above-Triangle-TR-High-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-Breakout-above-Triangle-TR-High-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Weekly-Breakout-above-Triangle-TR-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 bull bar closing near its high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/no-weekly-eurusd-breakout\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders would see if the bulls could create a retest of the August 5 high with follow-through buying. Or will the market continue to stall around the triangle top followed by the beginning of the bear leg phase?<\/li>\n\n\n\n<li>The bulls got a second leg sideways to up following the pullback to the August 1 low and a breakout above the triangle.<\/li>\n\n\n\n<li>They need to create more follow-through bull bars following this week\u2019s breakout to increase the odds of testing the July 18, 2023, high.<\/li>\n\n\n\n<li>The next target for the bulls is the December 28 high.<\/li>\n\n\n\n<li>If the market trades lower, they want the 20-week EMA to act as support followed by another leg up completing the wedge pattern (with the first two legs being Jul 17 and Aug 14).<\/li>\n\n\n\n<li>The bears see this week simply as the second leg of a two-legged pullback (the first leg being July 17).<\/li>\n\n\n\n<li>They want a reversal from a large wedge bear flag (Mar 8, Jun 4, and Aug 14) and a smaller wedge (Jun 4, Jul 17, and Aug 14).<\/li>\n\n\n\n<li>They want a failed breakout of the triangle pattern.<\/li>\n\n\n\n<li>They must create strong consecutive bear bars trading below the 20-week EMA to show they are back in control.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick 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 following this week\u2019s breakout above the triangle.<\/li>\n\n\n\n<li>Or will the market trade slightly higher but stall followed by a pullback into the triangle?<\/li>\n\n\n\n<li>The market is trading around the upper third of the trading range which can be the sell zone of trading range traders.<\/li>\n\n\n\n<li>The EURUSD is in a 91-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 a\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\/08\/EURUSD-Daily-Breakout-above-Triangle-TR-High-Wedge.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-Breakout-above-Triangle-TR-High-Wedge-680x383.jpg\" alt=\"EURUSD Daily: Breakout above Triangle, TR High, Wedge\" class=\"wp-image-215425\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-Breakout-above-Triangle-TR-High-Wedge-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-Breakout-above-Triangle-TR-High-Wedge-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-Breakout-above-Triangle-TR-High-Wedge-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-Breakout-above-Triangle-TR-High-Wedge-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/EURUSD-Daily-Breakout-above-Triangle-TR-High-Wedge.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 higher in the first half of the week followed by a pullback on Thursday. Friday was a bull bar closing near its high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/no-weekly-eurusd-breakout\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the market may form at least a small retest of the August 5 high (perhaps early in the week), even if it only lasts 1 or 2 candlesticks. If the bulls can create a strong breakout above the triangle with follow-through buying instead, it will increase the odds of retesting the trading range high (Dec 28).<\/li>\n\n\n\n<li>The bulls got a second leg sideways to up to retest the prior leg high (Aug 5) and a breakout above the triangle.<\/li>\n\n\n\n<li>They see the move on Thursday simply as a breakout pullback test of the breakout point.<\/li>\n\n\n\n<li>They want at least a small sideways to up leg to retest the August 14 high followed by strong follow-through buying.<\/li>\n\n\n\n<li>The next target for the bulls is the December 28 high.<\/li>\n\n\n\n<li>If the market trades lower, the bulls want the 20-day EMA to act as support.<\/li>\n\n\n\n<li>The bears see a large wedge bear flag (Mar 8, Jun 4, and Aug 14) and an embedded wedge in the current leg up (Jul 17, Aug 5, and Aug 14).<\/li>\n\n\n\n<li>They want a reversal from around the upper third of the trading range and a failed breakout above the triangle.<\/li>\n\n\n\n<li>They must create consecutive bear bars trading near their lows and trading far below the 20-day EMA to increase the odds of testing the June low.<\/li>\n\n\n\n<li>So far, the move up since August 1 has stronger bull bars with follow-through buying than weaker bear bars with no follow-through selling.<\/li>\n\n\n\n<li>Odds slightly favor the market to still be in the sideways to up phase.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can create a strong retest of the August 14 high followed by a breakout above.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a strong retest of the August 14 high with follow-through buying. If they do, it will increase the odds of retesting the trading range high (Dec 28).<\/li>\n\n\n\n<li>Or will the market stall around the August 14 high area instead?<\/li>\n\n\n\n<li>The market is trading near the upper third of the triangle which can be the sell zone of trading range traders.<\/li>\n\n\n\n<li>Traders will continue to\u00a0BLSH (Buy Low, Sell High) within a trading range until\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 breakout above the triangle. The bulls need to create more follow-through bull bars following this week\u2019s breakout to increase the odds of testing the July 18, 2023, high. The bears want a reversal from a large wedge bear flag (Mar 8, Jun 4, and Aug [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":215422,"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-215251","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\/08\/EURUSD-Weekly-Breakout-above-Triangle-TR-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\/215251","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=215251"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/215251\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/215422"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=215251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=215251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=215251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}