EURUSD Analysis Part 2c - WEEKLY CHART

The first rally upward from the swing low (fractal) ends in a 4 candle bearish rejection pattern as shown in the red oval. If you take the overall High, Open, Low, and Close of these four candles it forms a bearish rejection candle as I have drawn above the price chart. A four candle bearish rejection pattern is a more important sign of price action rejecting higher prices than is a single rejection candle. The reason for this is that it includes 4 weeks of decision making as to whether or not price should move higher, whereas a single rejection candle only includs 1 week of decision making. So in analyzing this first rally upward from the swing low looks more corrective than the beginning of an upward trend as there is a strong consensus from traders to reject moving price higher.