Market Overview
However the EURUSD Forecast Today may remain tilted to the bullish side on 1d time frame. As a result EURUSD Forecast Today continue to respect the recent support at 1.14115 on 1d time frame. Meanwhile h4, h1 and m15 time frame may continue to follow the 1d bullish momentum, Therefore the h4 time frame trades above the near by support zone at 1.16643 on h4. In addition the h1 time frame continues to respect the recent demand zone at 1.16990 on h1 time frame. Moroever the m15 time frame operates above lastest support zone at 1.17155 on m15 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
1.18554 – 1.18574
H1 Resistance
1.17506 – 1.17626
M15 Resistance
1.17891 – 1.17900
Major Support
1D Support
1.16087 – 1.15472
H4 Support
1.16633 – 1.16440
H1 Support
1.17067 – 1.16987
Market Structure Outlook
Although the EURUSD Forecast Today may continue to benefit the buyers on 1d time frame, until the EURUSD Forecast Today trades above the latest support at 1.14120 on 1d time frame. Meanwhile acceptance above 1.18496 on 1d time frame. As a result EURUSD Forecast Today may continue the bullish structure and form the fresh support at 1.16828 – 1.16701 on 1d time frame. In addition, a define close above 1.18496 on h4 time frame, EURUSD Forecast Today may maintain the bullish momentum and set up the fresh support at 1.16828 – 1.16701 on h4 time frame.
Weekly Trading Scenario
However the price could stay with in the bullish structure on 1d time frame. Therefore the price remain above the recent support at 1.14120 on 1d. Meanwhile, if price confirmed a breakdown below 1.14129 on 1d time frame. As a result price could confirm the bearish bias and form the fresh resistance at 1.15472 – 1.16087 on 1d. In addition, a break below 1.16644, the price could intitate the bearish structure and introduce the fresh supply zone at 1.17207 – 1.17398 on h4 time frame. Morever, if price records a close below 1.16989 on h1 time frame, price could shift the character to the downside and could generate the fresh resistance at 1.17147 – 1.17189 on h1 time frame.
Bullish Scenario
Acceptance above 1.18496 on 1d time frame
Bearish Scenario
If price confirmed a breakdown below 1.14129 on 1d time frame
Key Takeways
Higher Timeframe Bias: Bullish
Major Resistance: – 1.18554 – 1.18574
Major Support: – 1.16087 – 1.15472
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