Market Overview
Although the structure favors the sellers as the price losses the level 1.14701 on 1d time frame while establishing the fresh resistance at 1.19170. Moreover the sellers continue to dominate, as long as the price holds 1.20831 on 1d time frame. Moreover on the h4 time frame, until 1.16664 intact the down side remains continue.
Weekly Chart
Key Weekly Levels
Major Resistance
1D Resistance
1.18668 – 1.19170
Fresh Resistance Zone
Higher Probability Resistance Region
H4 Resistance
1.16513 – 1.16664
Probable Resistance Area
Expected Resistance Region
H1 Resistance
1.14797 – 1.14896
Fresh Resistance Zone
Potential Resistance Zone
M15 Resistance
1.14866 – 1.14900
Key Resistance Zone
Short Term Intraday Resistance Region
Major Support
1.10810 – 1.10662
High Probability Resistance Area
Higher Time Frame Resistance Base
Furthermore these levels may act as decision zones during the week.
Market Structure Outlook
Although the structure respecting the sellers on higher time frame, as long as the price holds the resistance at 1.18668 on daily time frame. However, a sustained close above 1.20831 on daily time frame, could confirm the dual change of character on daily time frame. Similarly on the other hand, if price closes above 1.16664 on h4 time frame, as the result the price would establish the change of character on h4 time frame.
Weekly Trading Scenario
The price continues to respect the sellers on the higher time frame 1d, moreover the price trades below the key levels. However, if price closes above 1.20831 on daily time frame, as the result the price would establish dual change of character, while forming the fresh support on daily time frame at 1.19170. Similarly on the other hand, a sustained close above 1.16664 on h4 time frame, therefore the price may confirm the change of character while establishing the fresh support at 1.15176 – 1.15081. Unless, the price holds these resistance levels the structure will remains bearish.
Bullish Scenario
A close above 1.20831 on daily timeframe, as the result the price would establish the change of character on daily time frame towards bullish side.
Bearish Scenario
On the other hand, if price holds last resistance at daily time frame 1.20831. As result the bearish structure continues.
Key Takeways
Higher timeframe bias: Bearish
Major resistance: 1.20831
Major support: 1.10810
Although this EURUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Moreover 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.