Market Overview
Although the price is likely to continue the bearish price structure on 1d time frame. Meanwhile the h4 time frame trades in bullish price structure, as the price trades above the key support at 1.14434 on h4. In addition, the h1 time frame trades in bearish momentum, as long as the price holds 1.16270. Moreover, the m15 continue its bullish structure, as the buyers are defending the last support zone at 1.15093 on m15.
Weekly Chart
Key Weekly Levels
Major Resistance
1D Resistance
1.16350 – 1.16666
H4 Resistance
1.16522 – 1.16666
H1 Resistance
1.17109 – 1.17134
M15 Resistance
1.16281 – 1.16302
Major Support
1D Support
1.12900 – 1.12113
H4 Support
1.13871 – 1.13574
H1 Support
1.14885 – 1.14875
Market Structure Outlook
Although the price is likely to trade in bearish price structure, as the price trades below key resistance zone at 1.16666 on 1d time frame. Meanwhile the buyers may dominate the price from 1.12902 – 1.12111 at 1d time frame. However, a break below 1.15093 on m15, would confirm the change of character towards the bearish side while establishing the fresh supply zone at 1.15154 – 1.15175.
Weekly Trading Scenario
Although the price may extend its downside price structure on 1d, as the price trades below the key resistance zone at 1.16664 on 1d. Therefore, a close above 1.16664 on 1d . As a result, price may confirm the character shift towards the upside, while forming the fresh demand zone at 1.15452 – 1.15078 on 1d. In addition, a decisive close above 1.14434 on h4, the price would the confirm the change of character towards the bearish side on h4. As a result, price would form the fresh resistance at 1.15008 – 1.14875 on h4. Moreover, reclaiming the, 1.16268 on h1, may confirm the character shift towards the bullish side, while forming the fresh support at 1.15589 – 1.15635 on h1
Bullish Scenario
A close above 1.16664 on 1d . As a result, price may confirm the character shift towards the upside, while establishing the fresh demand zone at 1.15452 – 1.15078 on 1d.
Bearish Scenario
If price looses below 1.14115 on 1d time frame, may indicate the continuation of bearish price structure, while forming the fresh resistance at 1.16117 – 1.16394
Key Takeways
Higher Timeframe Bias: Bearish
Major Resistance: 1.16350 – 1.16666
Major Support: 1.12900 – 1.12113
Although this EURUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Therefore always wait for the confirmation’s before entering the trade and manage the risk properly.
Disclaimer
Although this analysis is for educational and informational purposes only. Therefore it does not constitute financial advice. However always manage your risk and trade responsibly.