{"id":225295,"date":"2024-12-15T01:30:00","date_gmt":"2024-12-15T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=225295"},"modified":"2024-12-14T22:23:11","modified_gmt":"2024-12-15T06:23:11","slug":"weekly-eurusd-retest-of-the-recent-low","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/weekly-eurusd-retest-of-the-recent-low\/","title":{"rendered":"Weekly EURUSD Retest of the Recent Low"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: EURUSD Forex<\/h2>\n\n\n\n<p>The market is forming a weekly EURUSD retest of the recent low (Nov 22). The bears want another leg down to complete the wedge pattern (the first two legs being Oct 23 and Nov 22). The bulls hope this week was simply a pullback and want at least another sideways to up leg (a two-legged pullback) to retest near the 20-week EMA area.<\/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\/12\/EURUSD-Weekly-Retest-Low-or-Another-Leg-Higher.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Weekly-Retest-Low-or-Another-Leg-Higher-680x383.jpg\" alt=\"EURUSD Weekly - Retest Low or Another Leg Higher, Weekly EURUSD Retest of the Recent Low\" class=\"wp-image-225436\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Weekly-Retest-Low-or-Another-Leg-Higher-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Weekly-Retest-Low-or-Another-Leg-Higher-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Weekly-Retest-Low-or-Another-Leg-Higher-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Weekly-Retest-Low-or-Another-Leg-Higher-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Weekly-Retest-Low-or-Another-Leg-Higher.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 in its lower half with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-eurusd-breakout-pullback\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said the market may still be in the sideways to up pullback phase. Traders would see if the bulls could create another leg higher (a two-legged pullback) and close with a strong bull bar or if the market would trade slightly higher but close with a bear body or a long tail above instead.<\/li>\n\n\n\n<li>The market formed a pullback lower but closed above last week\u2019s low.<\/li>\n\n\n\n<li>Previously, the bears got a strong bear leg breaking below the trading range low.<\/li>\n\n\n\n<li>They see the recent move as a breakout pullback. They want a retest of the trading range low followed by a strong breakout and measured move based on the height of the trading range.<\/li>\n\n\n\n<li>Because of the strong leg down (from Sept), the bears expect to get (at least) a small sideways to down leg to retest the recent extreme low (Nov 22) after the pullback. The move could be underway.<\/li>\n\n\n\n<li>They want another leg down to complete the wedge pattern (the first two legs being Oct 23 and Nov 22).<\/li>\n\n\n\n<li>They must create follow-through selling to increase the odds of a breakout below the trading range.<\/li>\n\n\n\n<li>If the market trades higher, they want a double top bear flag with the December 6 high.<\/li>\n\n\n\n<li>The bulls see the move to the November 22 low as a sell vacuum and a bear leg within a trading range.<\/li>\n\n\n\n<li>They want a failed breakout and the trading range low to act as support followed by a retest of the middle of the trading range (around the 20-week EMA).<\/li>\n\n\n\n<li>They want a reversal from a large double bottom bull flag (Oct 3 and Nov 22).<\/li>\n\n\n\n<li>They hope this week was simply a pullback and want at least another sideways to up leg (a two-legged pullback) to retest near the 20-week EMA area.<\/li>\n\n\n\n<li>If the market trades lower, they see it as a retest of the prior leg&#8217;s extreme low and want a higher low major trend reversal and a small double bottom with the November 22 low.<\/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>Since this week\u2019s candlestick is a bear bar closing in its lower half, it can be a sell signal bar albeit weaker (prominent tail below).<\/li>\n\n\n\n<li>Traders will see if the bulls can create another leg higher (a two-legged pullback).<\/li>\n\n\n\n<li>Or will the bears be able to create a follow-through bear bar, increasing the odds of a retest of the November 22 low?<\/li>\n\n\n\n<li>The prior bear leg was strong and in a tight bear channel. The odds still slightly favor at least a small sideways to down leg after the current pullback.<\/li>\n\n\n\n<li>The longer the bulls can maintain a sideways to up leg by creating strong bull bars (and bear bars with no follow-through selling), the more the odds will swing in favor of a failed breakout and the bull leg beginning.<\/li>\n\n\n\n<li>Most breakouts from trading ranges fail and odds favor the trading range to continue.<\/li>\n\n\n\n<li>The market is trading around the lower third of the trading range which can be the buy zone of trading range traders.<\/li>\n\n\n\n<li>The EURUSD is in a 109-week trading range. (Trading range high: July 2023, low: October 2023).\u00a0<\/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<\/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\/12\/EURUSD-Daily-Double-Bottom-Bull-Flag-or-Retest-Low.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Daily-Double-Bottom-Bull-Flag-or-Retest-Low-680x383.jpg\" alt=\"EURUSD Daily - Double Bottom Bull Flag or Retest Low\" class=\"wp-image-225439\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Daily-Double-Bottom-Bull-Flag-or-Retest-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Daily-Double-Bottom-Bull-Flag-or-Retest-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Daily-Double-Bottom-Bull-Flag-or-Retest-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Daily-Double-Bottom-Bull-Flag-or-Retest-Low-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/EURUSD-Daily-Double-Bottom-Bull-Flag-or-Retest-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>The EURUSD traded sideways to down for the week. Friday traded lower but reversed to close with a bull body with prominent tails.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-eurusd-breakout-pullback\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders would see if the bulls could create another leg up, completing the wedge bear flag or if the market would stall around the 20-day EMA or the bear trend line followed by a retest of the November 22 low within a few weeks.<\/li>\n\n\n\n<li>Previously, the bears got a strong bear leg breaking below the trading range low.<\/li>\n\n\n\n<li>They see the current move as a breakout pullback. They want the 20-day EMA or the bear trend line to act as resistance.<\/li>\n\n\n\n<li>They expect to get at least a small second leg sideways to down to retest the recent leg extreme low (Nov 22), even if it only forms a higher low.<\/li>\n\n\n\n<li>The bears want a reversal from a double top bear flag (Nov 29 and Dec 6). They hope that the retest of the November 22 low is underway.<\/li>\n\n\n\n<li>They want a breakout and a measured move down based on the height of the trading range.<\/li>\n\n\n\n<li>They need to create sustained follow-through selling to increase the odds of lower prices.<\/li>\n\n\n\n<li>The bulls see the move down to the November 22 low as a sell vacuum and a bear leg testing the trading range low.<\/li>\n\n\n\n<li>They want a failed breakout and hope that the trading range low will act as support.<\/li>\n\n\n\n<li>They want a reversal from a large double bottom bull flag (Oct 3 and Nov 22), a parabolic wedge (Nov 6, Nov 14, and Nov 22) and a small double bottom bull flag (Dec 2 and Dec 13).<\/li>\n\n\n\n<li>If the market trades lower, they want a higher low major trend reversal and a double bottom with the November 22 low.<\/li>\n\n\n\n<li>They must create consecutive bull bars closing near their highs trading far above the 20-day EMA to indicate that they are back in control.<\/li>\n\n\n\n<li>The market formed a 6-bar bear microchannel. However, the candlesticks have a lot of overlapping ranges which indicate that the bears are not yet as strong as they hope to be.<\/li>\n\n\n\n<li>Because of the strong move down, odds slightly favor at least a small sideways to down leg to retest the November 22 low after the pullback, even if it forms a higher low. The retest of the November 22 low could be underway.<\/li>\n\n\n\n<li>For now, traders will see if the bears can create a strong breakout below the December 2 low.<\/li>\n\n\n\n<li>Or if bulls can create another leg up, completing the wedge bear flag (with the first two legs being Nov 29 and Dec 6).<\/li>\n\n\n\n<li>The low of the large trading range can be the buy zone of trading range traders.<\/li>\n\n\n\n<li>The move down while strong, may still only be a sell vacuum within a trading range. Most breakouts from trading ranges fail and odds favor the trading range to continue.<\/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<\/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 is forming a weekly EURUSD retest of the recent low (Nov 22). The bears want another leg down to complete the wedge pattern (the first two legs being Oct 23 and Nov 22). The bulls hope this week was simply a pullback and want at least another sideways to [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":225436,"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-225295","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\/12\/EURUSD-Weekly-Retest-Low-or-Another-Leg-Higher.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\/225295","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=225295"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/225295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/225436"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=225295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=225295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=225295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}