Market Overview
EURUSD Forecast could stay with the bullish structure on 1d time frame. However the buyers would keep bullish bias intact above 1.14115 on 1d time frame. Although the structure stays with the same accumulation zone on 1d time frame, as established previous week on 1d time frame. Meanwhile, the sellers drive the bearish structure on h4 time frame, as the structure confirms the close below at 1.16769 on h4 time frame. As a result sellers establish fresh supply zone at 1.17574 on h4 time frame. On the other hand, the continues the downside momentum, while the price remains below the high at 1.17215 on h1 time frame. Although the price continues with previous distribution zone on h1 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
1.17574 – 1.17852
H1 Resistance
1.17183 – 1.17215
M15 Resistance
1.16729 – 1.16738
Major Support
1D Support
1.16088 – 1.15466
H4 Support
1.16165 – 1.15889
H1 Support
1.15545 – 1.15465
Market Structure Outlook
Although price may remain tilted towards the bullish side on 1d time frame. Meanwhile, the price respects the last low at 1.14118 on 1d time frame. However, a break above 1.18490 on 1d time frame, as the price would keep the bullish structure intact and may shape the fresh support on 1d time frame. Although the structure is yet to confirm the anticipated support and resistance zone on 1d, h4 and h1 time frame.
Weekly Trading Scenario
However the buyers could continue their upside continuation on 1d time frame, as the price trades above the prior accumulation zone at 1.14115 on 1d time frame. Although a breakdown below 1.14115 on 1d. As a result structure may favor the sellers and may print the latest resistance at 1.15466 – 1.16088 on 1d. On the other hand, a breakout above 1.17881 on h4. Meanwhile the price is likely to develop the bullish structure and may identify the fresh support at 1.17852 – 1.17574 on h4. Moreover, a sustained close above 1.17215 on h1. However the price could set up the bullish momentum and could markout the fresh support at 1.17028 – 1.16956 on h1 time frame.
Bullish Scenario
A break above 1.18490 on 1d time frame
Bearish Scenario
A breakdown below 1.14115 on 1d time frame
Key Takeways
Higher Time frame Bias: Bullish
Major Resistance: – 1.17574 – 1.17852
Major Support: – 1.16088 – 1.15466
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