EUR/USD Price Action Forecast: Bulls Defend 1.16250–1.15875 Support as 1.17011 Target Comes Into Focus

EUR/USD remains bullish on both the weekly and daily charts, with price now retesting the key 1.16250–1.15875 support zone.

The weekly chart is potentially forming a Higher Low (HL), while bullish candlestick rejection and the 50 EMA continue to support the broader uptrend.

On the daily chart, EUR/USD is also retesting the neckline of a previous double-bottom pattern, adding more technical confluence around the same support area.

The main question is:

Can EUR/USD hold 1.16250–1.15875 and continue toward 1.17011?

Key Takeaways

1. EUR/USD remains in a strong bullish trend on both the weekly and daily charts.
2. Price is currently testing the critical 1.16250–1.15875 support zone.
3. A successful hold above the 50 EMA points to an upside target of 1.17011.
4. A break below 1.15875 invalidates the current bullish setup.

What High-Impact News Can Drive EUR/USD This Week?

Key U.S. economic data and Federal Reserve updates can drive volatility in EUR/USD, especially releases tied to inflation, employment, interest rates, and the U.S. dollar.

These events can trigger sharp moves, breakouts, or false breakouts around key technical levels:

However, for technical and price action traders, news should be viewed as a catalyst; not a trade signal.

The technical setup still needs to provide confirmation.

Remember: News acts as a catalyst, but price action should remain your primary confirmation.

EUR/USD Weekly Chart: Bullish Structure Holds

Weekly Timeframe Price Action Analysis. Price retesting Weekly Support Level

EUR/USD remains in a clear weekly bullish trend.

Price is retesting major support around 1.16250–1.15875, where previous market reactions have already occurred.

Weekly Timeframe Price Action Analysis

The pullback could form another Higher Low, while bullish candlestick rejection suggests buyers are responding.

Price also remains above the weekly 50 EMA, keeping the broader bullish structure intact.

Weekly Chart Confirmations

1. Bullish market structure
2. Major support retest
3. Potential Higher Low
4. Bullish candlestick rejection
5. Price above the 50 EMA
6. Previous reactions around support

EUR/USD Daily Chart: Double-Bottom Neckline Retest

Daily Timeframe Price Action Analysis. Price Holds Strongly at Weekly and Daily Support Level (W AOI)

The daily chart also remains bullish.

EUR/USD is currently retesting the neckline of a previous double-bottom pattern, with price showing rejection around the same 1.16250–1.15875 support zone.

Daily Timeframe Price Action Analysis

Price remains above the daily 50 EMA, adding another layer of bullish confirmation.

This makes the current support zone the main area to watch.

Daily Chart Confirmations

1. Bullish market structure
2. Double-bottom neckline retest
3. Major support retest
4. Bullish price rejection
5. Price above the 50 EMA
6. Weekly and Daily support confluence

What Is the Best Setup for the Current Price Action on EUR/USD?

EUR/USD maintains a bullish technical bias, with the 1.16250–1.15875 support zone remaining the key area to watch. Rather than chasing price, traders can wait for price action confirmation around this zone before considering the next move.

EUR/USD Bullish Scenario

Daily Timeframe Price Action Analysis. Bullish Bias Anticipation

The bullish scenario remains valid while 1.16250–1.15875 holds as support.

Rather than chasing price higher, traders can wait for EUR/USD to retest the zone and show bullish confirmation.

Bullish Setup

1. Support Zone: 1.16250–1.15875
2. Confirmation: Bullish rejection from support
3. Target: 1.17011
4. Bias: Bullish while support holds

Bullish confirmation: Retest of 1.16250–1.15875 followed by a strong bullish rejection.

EUR/USD Bearish Scenario

The bearish scenario becomes more relevant if EUR/USD breaks below 1.15875.

The stronger confirmation would come if price returns to the 1.16250–1.15875 zone and begins treating former support as resistance.

Bearish Setup

1. Breakdown Level: Below 1.15875
2. Retest Zone: 1.16250–1.15875
3. Confirmation: Bearish rejection from former support
4. Target: 1.15250
5. Bias: Bearish only after a confirmed break and retest

Bearish confirmation: Break below support followed by a failed attempt to reclaim 1.16250–1.15875.

EUR/USD Forecast: What Should Traders Watch?

The technical picture currently favors buyers.

Bullish scenario:

1.16250–1.15875 holds → bullish confirmation → 1.17011 target

Bearish scenario:

1.15875 breaks → support retested as resistance → potential bearish continuation

Final Take

The EUR/USD price forecast remains bullish while the 1.16250–1.15875 support zone holds.

Both the weekly and daily charts remain bullish, price is above the 50 EMA, and the current support area is backed by a potential Higher Low, bullish rejection, and a double-bottom neckline retest.

If buyers defend the zone, 1.17011 remains the main upside target.

If price breaks below 1.15875 and retests the zone as resistance, the bullish outlook would weaken.

Wait for confirmation. Let price action decide the next move.

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