{"id":220830,"date":"2024-10-20T01:30:00","date_gmt":"2024-10-20T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=220830"},"modified":"2024-10-20T02:22:19","modified_gmt":"2024-10-20T09:22:19","slug":"eurusd-test-middle-of-the-trading-range","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/eurusd-test-middle-of-the-trading-range\/","title":{"rendered":"EURUSD Test Middle of the Trading Range"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The market formed a EURUSD test middle of the trading range this week. The bulls want the August 1 low or the bull trend line to act as support. The bears hope the bear leg has started. If there is a pullback, the bears want at least a small second leg sideways to down to retest the current leg low (now Oct 17).<\/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\/10\/EURUSD-Weekly-Test-Middle-of-TR-Bear-Leg-or-Higher-Low.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Weekly-Test-Middle-of-TR-Bear-Leg-or-Higher-Low-680x383.jpg\" alt=\"EURUSD Weekly: Test Middle of TR, Bear Leg or Higher Low? EURUSD Test Middle of the Trading Range\" class=\"wp-image-220974\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Weekly-Test-Middle-of-TR-Bear-Leg-or-Higher-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Weekly-Test-Middle-of-TR-Bear-Leg-or-Higher-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Weekly-Test-Middle-of-TR-Bear-Leg-or-Higher-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Weekly-Test-Middle-of-TR-Bear-Leg-or-Higher-Low-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Weekly-Test-Middle-of-TR-Bear-Leg-or-Higher-Low.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 slightly below the middle of its range with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-eurusd-bears-need-follow-through\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders would see if the bears could create another follow-through bear bar or if the market would trade slightly lower but stall around the October 10 low area and form a pullback higher instead.<\/li>\n\n\n\n<li>The market traded lower testing the middle of the large trading range.<\/li>\n\n\n\n<li>The bears got a follow-through bear bar following last week\u2019s close below the 20-week EMA.<\/li>\n\n\n\n<li>They got a reversal from around the upper third of the large trading range from a double top bear flag (Dec 28 and Aug 23), a higher high major trend reversal (Sep vs Aug) and a small double top (Aug 23 and Sep 25).<\/li>\n\n\n\n<li>They hope the bear leg has started. If there is a pullback, the bears want at least a small second leg sideways to down to retest the current leg low (now Oct 17).<\/li>\n\n\n\n<li>Previously, the bulls broke out above the August 23 high (in September) but lacked follow-through buying.<\/li>\n\n\n\n<li>They see the current move as a deep pullback and the market as being in a broad bull channel.<\/li>\n\n\n\n<li>They want the market to form a higher low, followed by a retest of the September 25 high.<\/li>\n\n\n\n<li>If the market trades lower, they want the August 1 low or the bull trend line to act as support.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bear bar with a long tail below, it can be a sell signal bar for next week albeit weaker.<\/li>\n\n\n\n<li>However, the market is trading around the middle of the trading range. It is an area of balance.<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) within a trading range until a\u00a0breakout with follow-through selling\/buying.<\/li>\n\n\n\n<li>That means buying in the lower third and selling near the upper third of the large trading range.<\/li>\n\n\n\n<li>For now, traders will see if the bears can create another follow-through bear bar testing the August low and the bull trend line.<\/li>\n\n\n\n<li>Or will the market form a pullback higher in the next few weeks instead?<\/li>\n\n\n\n<li>Odds slightly favor at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n<li>The EURUSD is in a 101-week trading range. (Trading range high: July 2023, low: October 2023).\u00a0<\/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\/10\/EURUSD-Daily-Tight-Bear-Channel-Parabolic-Wedge.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Daily-Tight-Bear-Channel-Parabolic-Wedge-680x383.jpg\" alt=\"EURUSD Daily: Tight Bear Channel, Parabolic Wedge\" class=\"wp-image-220977\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Daily-Tight-Bear-Channel-Parabolic-Wedge-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Daily-Tight-Bear-Channel-Parabolic-Wedge-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Daily-Tight-Bear-Channel-Parabolic-Wedge-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Daily-Tight-Bear-Channel-Parabolic-Wedge-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/EURUSD-Daily-Tight-Bear-Channel-Parabolic-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 lower for the week with Friday closing as an inside bull bar near its high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-eurusd-bears-need-follow-through\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders would see if the bull could create a pullback towards the 20-day EMA or if the market would form a second leg sideways to down towards the middle of the trading range after a pullback.<\/li>\n\n\n\n<li>The market continued lower in the tight bear channel testing the middle of the trading range.<\/li>\n\n\n\n<li>The bulls see the current move as a deep pullback (possibly two-legged) following a wedge pattern (Jul 17, Aug 23, and Sep 25) and a double top (Aug 23 and Sep 25).<\/li>\n\n\n\n<li>They see the market as being in a broad bull channel.<\/li>\n\n\n\n<li>They want the pullback to form a higher low followed by a retest of the September 25 High. They want a reversal from a parabolic wedge.<\/li>\n\n\n\n<li>If the market trades lower, they want the August 1 low or the bull trend line to act as support.<\/li>\n\n\n\n<li>They must create consecutive bull bars closing near their highs to indicate that they are back in control.<\/li>\n\n\n\n<li>The bears got a reversal from a large double top bear flag (Dec 28 and Aug 23), a wedge pattern (Jul 17, Aug 23, and Sep 25) and a small double top (Aug 23 and Sep 25), around the upper third of the large trading range.<\/li>\n\n\n\n<li>The move down is in a tight bear channel with the current leg having a 9-bar bear microchannel. That means persistent selling.<\/li>\n\n\n\n<li>The bears expect at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n<li>The market is trading around the middle of the trading range which is an area of balance.<\/li>\n\n\n\n<li>The tight bear channel means strong bears. However, the move which started on September 30 has lasted a long time and is slightly climactic.<\/li>\n\n\n\n<li>We may see a pullback (probably testing near the 20-day EMA), followed by at least a small second leg sideways to down within a few weeks.<\/li>\n\n\n\n<li>For now, the August 1 low or the bull trend line is close enough and may need to be tested before we see bears take profit aggressively.<\/li>\n\n\n\n<li>Traders will see if the market will continue lower to test the August low or the bull trend line area.<\/li>\n\n\n\n<li>Or will the market stall around the August low area followed by a pullback towards the 20-day EMA in the weeks ahead?<\/li>\n\n\n\n<li>The lower third of the large trading range can be the buy 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 EURUSD test middle of the trading range this week. The bulls want the August 1 low or the bull trend line to act as support. The bears hope the bear leg has started. If there is a pullback, the bears want at least a small second leg [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":220974,"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-220830","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\/10\/EURUSD-Weekly-Test-Middle-of-TR-Bear-Leg-or-Higher-Low.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\/220830","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=220830"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/220830\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/220974"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=220830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=220830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=220830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}