Market Overview
Although the EURUSD Forecast Today stays above 1.14114 on 1d time frame in the last week, resulting the buyers would remain interested on 1d time frame. Therefore, h1 and h4 time frame follows the bullish price structure of 1d time frame by the EURUSD Forecast Today trading above the last support at 1.16437 on h4 and 1.16776 on h1. Meanwhile, until 1.16437 on h4 time frame and 1.16776 on h1 time frame remains intact, the buyers would remain effective. On the other hand, if EURUSD Forecast Today secured a close below 1.14114 on 1d time frame then the sellers may take the control of the higher time frame bias 1d.
Weekly Chart
Key Weekly Levels
Major Resistance
1D Resistance
1.17939 – 1.18070
H4 Resistance
1.18264 – 1.18348
H1 Resistance
1.17111 – 1.17133
M15 Resistance
1.17170 – 1.17234
Major Support
1D Support
1.15450 – 1.15083
H4 Support
1.15116 – 1.15055
H1 Support
1.16796 – 1.16776
Market Structure Outlook
Although the price is likely to remain in bullish structure. As long as the price may continue to hold the last support at 1.14114 on 1d time frame. Therefore, if price post a close above 1.17234 on h4 time frame. As a result, the price could confirm the continuation of bullish structure and the price may create a fresh support zone at 1.16858 – 1.16776 on h4 time frame. On the other hand, a sustained close above 1.17394 on h1 time frame. As a result, the price could signal the bullish follow through and may create the fresh support zone at 1.17204 – 1.17137 on h1 time frame
Weekly Trading Scenario
Although the price may continue to trade within bullish structure on 1d, if price sustains above 1.14114 on 1d. Therefore if price post a close below 1.14114 on 1d. As a result the price may reinforce the bearish structure and the price may develop the fresh resistance zone at 1.15464 – 1.15083 on 1d. In addition, if price finishes below 1.16439 on h4 time frame, the price would support the bearish structure and would develop the fresh supply zone at 1.17141 – 1.17215 on h4 time frame. Moreover a move below 1.16776 on h1 time frame. As a result the price would validate the downside structure and may shape the fresh resistance zone at 1.17140 – 1.17233 on h1 time frame.
Key Takeways
Higher Timeframe Bias: Bullish
Major Resistance: 1.17939 – 1.18070
Major Support: 1.15450 – 1.15083
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