Market Overview
Although the EURUSD Forecast Today shifted its structure during the last week on 1d time frame. As a result EURUSD Forecast Today closes above the last resistance at 1.16678 on 1d time frame. Therefore the EURUSD Forecast Today established the fresh support at 1.16180 on 1d time frame. Meanwhile h4 and h1 trades in the bearish structure. As a result the EURUSD Forecast Today closes below the last support at 1.17672 on h4 and h1. Therefore the EURUSD Forecast Today confirmed the fresh resistance zone at 1.18095 on h4 and 1.18171 on h1. In addition the m15 following the h4 bearish structure and trading below the last resistance at 1.18492 and introduced the fresh resistance at 1.17987 on m15 .
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
1.18554 – 1.18574
H1 Resistance
1.18744 – 1.18846
M15 Resistance
1.17987 – 1.17994
Major Support
1D Support
1.16185 – 1.15091
H4 Support
1.16646 – 1.16879
H1 Support
1.16719 – 1.16663
Market Structure Outlook
Although the price is likely to hold the bullish bias on 1d time frame, as the price trades above the last support zone at 1.14118 on 1d time frame. Meanwhile a settle above 1.18496 on 1d time frame. As a result price may strengthen the bullish bias and could set up the fresh support zone on 1d time frame. In addition, a decisive close above 1.18496 on h4 time frame. As a result the price would keep the bullish bias intact and would generate the fresh support on h4 time frame.
Weekly Trading Scenario
However the price may keep trading in bullish bias on 1d time frame, until 1.14118 remains intact on 1d time frame. Therefore a record close below 1.14118 on 1d time frame. As a result price may develop the character shift to the bearish side and may reinforce the fresh resistance at 1.15091 – 1.16185 on 1d. In addition, if price confirms a break below 1.17672 on h4, the price could reinforce the bearish shift and may build the fresh resistance at 1.18091 – 1.18239 on h4. Moreover, if price settle below 1.17674 on h1. As a result price may signal the structure shift to the bearish side and could print the fresh resistance at 1.18172 – 1.18239 on h1 time frame.
Bullish Scenario
A settle above 1.18496 on 1d time frame.
Bearish Scenario
A record close below 1.14118 on 1d time frame.
Key Takeways
Higher Timeframe Bias: Bullish
Major Resistance: 1.18554 – 1.18574
Major Support: 1.16185 – 1.15091
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