Market Overview
EURUSD is bearish in all the major timeframes but last week’s weaker non farming payroll data could trigger the potential market sentiments towards upside. The price can continue the bearish trend until the sellers hold 1.16252 level in h1, in h4 1.16282 and 1d remains bullish until the buyers holds 1.15767 level.
Weekly Chart
Key Weekly Levels
Major Resistance
At H4
1.18261 – 1.18346
Higher timeframe supply zone
Likely Resistance Reaction Area
At H1
1.17109 – 1.17134
Multi timeframe Supply Area
Anticipated Supply Zone
At M15
1.17109 – 1.17134
Multi timeframe Supply Area
Anticipated Supply Zone
Major Support
At H4
1.15521 – 1.15467
Pending Demand Area
Higher Timeframe Demand Reaction Area
At H1\At M15
As the price is bearish in m15 & h1, no near by support established by the price in m15 and h1, hence there is one pending level in h1 which could act as the support area 1.15029 – 1.14912.
These levels may act as decision zones during the week
Market Structure Outlook
Although the structure remains bearish until the price holds 1.17109 level at h1. Meanwhile the weaker nfp data for US could make the structure shift on higher timeframe. If price closes 1.17134 above in h1 with full body candle then the price would establish character shift until that sellers will remain dominating.
Weekly Trading Scenario
For the upcoming week, the market structure continues to respect the sellers if the price holds 1.16545 on higher time frame h1 but due to last week weaker economic release for US could shift potential structure towards bullish and buyers can control the higher timeframe
Bullish Scenario
If price closes 1.16545 above in h1 with full body candle, then the price would establish dual change of character in h1 with the support at 1.16757.
Bearish Scenario
If price trades below 1.16545 level at h1, then structure will remain bearish in broader timeframe as downside will remain intact for now
Key Takeways
Higher timeframe bias: Bearish
Major resistance: At h4 1.18261
Major support: At h1 1.14912.
Although this EURUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. However 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.