Market Overview
Although the price may continue to trade in bearish price structure on 1d h4 and h1 time frame. Meanwhile the m15 trades in bullish price structure, by giving the decisive close above and 1.15139 on m15. In addition, the m15 hasn’t established any fresh support, and the is price is likely to continue the bullish momentum, as the price trades above the support area at 1.15030 – 1.15018
Weekly Chart
Key Weekly Levels
Major Resistance
1D Resistance
1.16346 – 1.16664
H4 Resistance
1.16513 – 1.16664
H1 Resistance
1.15692 – 1.15722
M15 Resistance
1.15631 – 1.15649
Major Support
1D Support
1.12902 – 1.12111
H4 Support
1.13871 – 1.13719
H1 Support
1.13168 – 1.13127
Market Structure Outlook
Although the price may continue to trade in bearish price structure, as the price trades below key resistance zone at 1.16664 on 1d time frame. Meanwhile the price may see a pullback from 1.12902 – 1.12111 at 1d time frame. However, a break below 1.15019 on m15, would confirm character shift towards the bearish side while forming the fresh resistance at 1.15164 – 1.15195.
Weekly Trading Scenario
Although the price is likely to continue the bearish price structure on 1d, as the price trades below the key resistance zone at 1.16664 on 1d. In addition, reclaiming the 1.16664 on 1d . As a result, price may establish the character shift towards the bullish side, while forming the fresh support zone at 1.15446 – 1.15094 on 1d. Moreover, a break above 1.15461 on 1d, the price would confirm the change of character on h4. As a result, price may form the fresh support at 1.15254 – 1.155196 on h4. Therefore a break above, 1.15461 on h1, may establish the character shift towards the bullish side, while forming the fresh support at 1.15220 – 1.15196 on h1
Bullish Scenario
Reclaiming the 1.16664 on 1d . As a result, price may establish the character shift towards the bullish side, while forming the fresh support zone at 1.15446 – 1.15094 on 1d.
Bearish Scenario
If price breaks below 1.14115 on 1d time frame, may indicate the continuation of bearish price structure, while forming the fresh resistance at 1.16117 – 1.16394
Key Takeways
Higher Timeframe Bias: Bearish
Major Resistance:
1.16346 – 1.16664
Major Support:
1.12902 – 1.12111
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.