This is my Weekly analysis on EURUSD for 5-19 Apr 2024 W16 based on Smart Money Concept (SMC) which includes the following Time Frames:

  1. Weekly
  2. Daily
  3. 4H
  4. Economic Events

Weekly Chart Analysis

1.

  • Swing Bearish
  • Internal Bearish
  • Reached Swing EQ
  • Swing Continuation (Pro Swing + Pro Internal)

2.

  • After the Bearish iBOS we confirmed that the Swing Pullback is over and we will target the Weak Swing Low.

3.

  • Price had reached the Bearish INT Structure extreme and initiated the Bearish Internal Structure Continuation.
  • Expectation is to continue bearish and target he Weak INT Low.

Daily Chart Analysis

1.

  • Swing Bearish
  • INT Bearish
  • Swing Continuation (Pro Swing + Pro Internal)

2.

  • Internal Structure continuing bearish following the Bearish Swing.

3.

  • After the Bearish iBOS we expect a pullback.
  • Currently price is within the Weekly Demand and swept Liq from the left.
  • Price could initiate a PB at anytime or after reaching the Daily Extreme Demand.
  • More price development required.

4.

  • Daily and Weekly demand zones for reactions to fulfill a Pullback Phase.

4H Chart Analysis

1.

  • Swing Bearish
  • Internal Bearish
  • Pullback Phase

2.

  • Swing continuing bearish following the HTF Bearish Trend. Expectations is set for the Swing to stay bearish to fulfill the HTF targets.

3.

  • After a BOS we expect a Pullback. Currently price within the Weekly Demand and at a 4H Demand Zone.
  • Possibly that PB Phase could start from here and the first weak confirmation would be a Bullish CHoCH.
  • Following the HTF targets, there is a high probability that the Bearish OF will hold so shorts are possible for continuation bearish from 4H Supply zones.

Economic Events for the Week


Link to Tradingview Post: https://www.tradingview.com/chart/EURUSD/vb6qId9i-EURUSD-15-19-Apr-2024-W16-Weekly-Analysis-Middle-East-Tension/

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