Market Overview
However the EURUSD Forecast Today may continue under the bullish bias on 1d time frame. Therefore the EURUSD Forecast Today trades above the last support at 1.14123 on 1d time frame. Meanwhile h4 and h1 time frame continues under the bullish structure, while holding above the recent support at 1.16555 on h4 and 1.17191 on h1 time frame. However the EURUSD Forecast Today remains aligned with the previously established support zone on 1d,h4 and h1 time frame. Meanwhile the pending support zone would remain active and valid on 1d,h4 and h1 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
1.18095 – 1.18242
H1 Resistance
1.17708 – 1.17754
M15 Resistance
1.17273 – 1.17295
Major Support
1D Support
1.16095 – 1.15475
H4 Support
1.16826 – 1.16699
H1 Support
1.16899 – 1.16823
Market Structure Outlook
Although the price may carry on bullish bias on 1d time frame, as price stay above the support zone at 1.14123 on 1d time frame. Therefore, a breakout above 1.18496 on 1d time frame. As a result price may remain under the buyers favors and form the fresh support at 1.16783 – 1.16567 on 1d time frame. In addition, a move above 1.17853 on h4 and h1 time frame, may shape the fresh support zone on both the time frame. Meanwhile the price hasn’t confirmed any probable demand zone on h1 and h4 time frame.
Weekly Trading Scenario
However the price is expected to remain under the bullish structure on 1d time frame. As a result price operates above support zone at 1.14123 on 1d time frame. Therefore a finish below 1.14123 on 1d time frame. Meanwhile the price could validate the bearish bias and introduce the fresh resistance at 1.15478 – 1.16095 on 1d time frame. In addition, a record close below 1.16555 on h4 time frame. As a result price could secure the bearish structure and introduce the fresh resistance at 1.16699 – 1.16826 on h4 time frame. On the other hand, if price end below 1.17191 on h1 time frame, could support the bearish outlook and setup the fresh resistance at 1.17365 – 1.17418 on h1 time frame.
Bullish Scenario
A breakout above 1.18496 on 1d time frame
Bearish Scenario
A finish below 1.14123 on 1d time frame.
Key Takeways
Higher Time frame Bias: Bullish
Major Resistance: – 1.18095 – 1.18242
Major Support: – 1.16095 – 1.15475
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.
For daily EURUSD daily chart analysis refer my Forex Analysis EURUSD section
In addition, check out my previous EURUSD Weekly Forecast