This is my Weekly analysis on EURUSD for 15-19 Jan 2024 W3 based on Smart Money Concept (SMC) which includes the following Time Frames:
- Weekly
- Daily
- 4H
- Economic Events
1.
- Swing Bearish
- Internal Bearish
- Reached Swing EQ
2.
- After the iBOS we expected pullback, price tapped into Liq on the lift and a Weekly demand zone which provided a pullback and formed a bullish CHoCH confirming INT Low.
3.
- With the Bearish INT Structure we have the confirmation that the Swing Pullback is over and we are currently in the Swing Continuation Phase.
- Price had reached the Bearish INT Structure extreme and showed reaction from.
- Still the OF is Bullish within the Pullback Phase and the Bearish CHoCH will be the first sign to confirm the Bearish continuation from the Weekly Supply.
- Expectation now set to see price continuing bearish.
1.
- Swing Bearish
- INT Bullish
- Reached Extreme
2.
- Within the Bearish Swing we are currently in, the Swing pullback reached the Swing extreme area and mitigated a Weekly Supply zone (But didn’t reach the Daily Supply) and started the INT Structure Pullback after the Bullish iBOS.
- For the Bearish Swing to continue bearish, we want to see a Bearish iBOS to confirm that the Swing Pullback is over and we are in the Swing Continuation to target the Weak Swing Low.
- But currently the INT Structure still Bullish so there is also a possibility that we can still continue up.
- Following the recent INT Structure, Price swept LIQ from the recent Daily Demand zone and reached the INT Structure EQ where we can expect demand to step in and target the Weak INT High.
Lets wait to see more price development and LTF to guide us.
3.
- Previous week PA was ranging within the INT Structure EQ. Crossroads now for price.
4.
- Daily and Weekly demand zones for reactions once reached.
1.
- Swing Bullish
- INT Bullish
- Reached EQ
2.
- Price made a bullish BOS and after a BOS we expect a pullback.
- After mitigating the Weekly Supply zone, price started the Swing pullback phase after a bearish CHoCH.
- Price reached the Swing EQ/Discount, mitigating 4H/Daily demand zones creating Bullish CHoCHs.
- Still the OF is bearish within the Swing Pullback phase and the current PA is ranging, but as it’s the pullback phase we would expect a Swing bullish continuation from current area or from the Swing extreme.
- With the latest Bullish CHoCH, if the demand holds, we could see a Swing continuation to target the current INT High. If demand fails i would expect price continuing to the Swing extreme.
Lets wait for LTF confirmations and price development.
Link to Tradingview Post: https://www.tradingview.com/chart/EURUSD/dPnPVpQA-EURUSD-15-19-Jan-2024-W3-Weekly-Analysis/