Market Overview
EURUSD Forecast Today continues under bullish bias on 1d time frame, as the EURUSD Forecast Today remains above the prior support zone at 1.14117 amid the last week. Meanwhile the EURUSD Forecast Today remains aligned with the previous support zone at 1.16085 on 1d time frame. Therefore the price hasn’t shaped any fresh support zone on 1d time frame. In addition, the h4 time frame printed the fresh support at 1.16778 on h4 time frame, as the EURUSD Forecast Today decisively closes above 1.17852 on h4 time frame during the previous week. Moreover, the EURUSD Forecast Today trades within the unchanged the support zone on h1 time frame at 1.16936.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
1.18095 – 1.18241
H1 Resistance
1.18171 – 1.18239
M15 Resistance
1.17987 – 1.17994
Major Support
1D Support
1.16085 – 1.15469
H4 Support
1.16778 – 1.16769
H1 Support
1.16936 – 1.16920
Market Structure Outlook
However the price may hold the bullish structure on 1d time frame. As a result the price continues to trade above the support at 1.14117 on 1d. Meanwhile a breakout above 1.18496 on 1d, as the price would indicate the bullish extension and may build the fresh support at 1.16783 – 1.16559 on 1d. On the other hand, a finish above 1.17965 on h4. Meanwhile the price could continue the bullish trend and identify the fresh support at 1.17249 – 1.17233 on h4. Moreover, a sustained close above 1.17965 on h1 time frame. Meanwhile the price could follow the bullish trend and form the fresh support at 1.17249 – 1.17233 on h1 time frame.
Weekly Trading Scenario
Although the structure could continue to benefit the buyers on 1d time frame. Meanwhile the price positioned above the support at 1.14117 on 1d time frame. Therefore a settled close below 1.14117 on 1d time frame, as the price could establish the downside structure and may markout the fresh resistance at 1.15469 – 1.16085 on 1d time frame. In addition, a confirmed close below 1.16769 on h4 time frame. However the price may initiate the downside momentum and setup the fresh resistance at 1.17577 – 1.17857 on h4 time frame. However, if price registered a close below 1.16920. As a result price may open the door for further downside extension and introduce the fresh resistance at 1.17065 – 1.17136 on h1 time frame.
Bullish Scenario
A breakout above 1.18496 on 1d time frame.
Bearish Scenario
A settled close below 1.14117 on 1d time frame.
Key Takeways
Higher Time frame Bias: Bullish
Major Resistance: – 1.18095 – 1.18241
Major Support: – 1.16085 – 1.15469
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