This is my Weekly analysis on EURUSD for 19-23 Feb 2024 W8 based on Smart Money Concept (SMC) which includes the following Time Frames:
- Weekly
- Daily
- 4H
- Economic Events
- Swing Bearish
- Internal Bearish
- Reached Swing EQ
- (Pro Swing + Pro Internal)
2.
- After the Bearish 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.
- Price reached the INT Extreme and tapped the Weekly Supply Zone and as expected we are targeting at least the CHoCH and then the Weak INT Low.
- Price did the Bearish ChoCH and formed a fresh Supply zone which will be potential for shorts once reached to continue the Bearish INT structure and Swing too.
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 which resulted in a Bearish CHoCH.
- Expectation now set to see price continuing bearish.
- Swing Bearish
- INT Bearish
- Swing Continuation / INT Pullback
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.
- Price confirmed a Bearish iBOS and this signals the Swing continuation phase.
3.
- After the iBOS we expect a Pullback.
- Price is currently within the Daily demand on the left which is partially mitigated and approaching a Weekly Demand Zone which could provide reaction to facilitate the Bearish INT Structure Pullback.
- Bullish CHoCH will confirm INT Low and INT Structure Pullback maybe starting.
4.
- Daily and Weekly demand zones for reactions once reached.
- Swing Bearish
- INT Bearish
- INT Pullback Phase
2.
- After a BOS and iBOS we expect a Pullback.
- As expected after the Bullish CHoCH and mitigation of 4H/Daily Demand zones, we initiated the INT Structure Pullback.
- Price reached the 4H/Daily Supply and from there we could start the bearish continuation.
- Also be mindful that there is also a pullback required for the 4H Swing so there is a HP if price going to stay bullish we will take the Strong INT High.
- Bullish iBOS will signal a Swing Pullback.
Link to Tradingview Post: https://www.tradingview.com/chart/EURUSD/5TOWv6cq-EURUSD-19-23-Feb-2024-W8-Weekly-Analysis-EU-CPI-PMI-Week/
