Market Overview
The price trades in bullish structure on intraday time frame on m15. Meanwhile h1, h4 and daily time frame trades in the favors of the sellers. Meanwhile the h1 structure remains bearish 1.16163. As long as the price holds the 1.16163 on h1 time frame. On the other hand the h4 structure remains bearish until the price holds 1.16664. In addition the daily time frame remains in the favors of the sellers, as the price holds the last resistance at 1.20831
Weekly Chart
Key Weekly Levels
Major Resistance
1D Resistance
1.18668 – 1.19170
Pending Supply Zone
Higher Time Frame Resistance Zone
H4 Resistance
1.16513 – 1.16664
Pending Supply Zone
Higher Time Frame Resistance Zone
H1 Resistance\M15 Resistance
Although the price trades in bearish structure on intraday time frame h1. Meanwhile the price hasn’t established any fresh resistance on intraday time frame h1. A decisive close below 1.15247, could establish the fresh resistance. Therefore awaiting for the new structure to be formed
Major Support
Although the price trades in bearish structure on higher time frame h4 and 1d. However the price hasn’t confirmed any fresh support. Meanwhile higher time frame 1d support would remain valid at 1.12902 – 1.12109.
Market Structure Outlook
The price favors the sellers on the 1d and h4 time frame. Until 1.20831 remains intact on daily time frame. A break above 1.20831 on daily time frame, could confirm the character shift towards the bullish side, while establishing the fresh support at 1.19170. In addition some economical events of USD and EUR can affect the price behavior.
Weekly Trading Scenario
The sellers are dominating the price on 1d, h4 and h1 time frame, as the price holds the resistance 1.20831 at 1d. On the other hand, a decisive close above 1.16664 on h4 time frame, may confirm the change of character, while forming the fresh support at 1.15174. Meanwhile the h1 time frame remains bearish, as the price holds 1.16163. As the result, if price closes 1.16163 on h1 time frame, the price could confirm the character shift, while establishing the fresh support at 1.15800. On m15 time frame, a break below 1.14987, could establish the change of character, while establishing the fresh resistance at 1.15301
Bullish Scenario
If price closes above 1.20831 on daily time frame.
Bearish Scenario
As long as the price holds 1.20831 on daily time frame, the structure remains bearish.
Key Takeways
Higher timeframe bias:
Intraday Time Frame: M15- Bullish
Higher Time Frame: H1, H4 & 1D- Bearish
Major resistance:
1.18668 – 1.19170
1D Time Frame
1.16513 – 1.16664
H4 Time Frame
Major support:
1.12902 – 1.12109.
1D Time Frame
This EURUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Always wait for the confirmation’s before entering the trade and manage the risk properly.
Disclaimer
This analysis is for educational and informational purposes only. It does not constitute financial advice. Always manage your risk and trade responsibly.