This is my Intraday analysis on EURUSD for 23 Apr 2024 W17 based on Smart Money Concept (SMC) which includes the following:

Market Sentiment

Today’s EUR/USD Forex market is going to be influenced by big economic news. This includes updates on the Purchasing Managers Index (PMI) for both the Eurozone and the USA.

Right now, the EUR/USD pair is ranging as we get ready for today PMI updates. Both the US and Europe will be releasing their PMI numbers today.

These PMI numbers tell us a lot about how well the economy is doing and can really impact the EUR/USD. If the numbers come in higher than expected, it’s likely good news for the currency, but if they’re lower than expected, it could mean trouble for the currency.

4H Chart Analysis


1.

  • Swing Bearish
  • Internal Bearish
  • INT / Swing 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 approaching a 4H/Daily demand zone.
  • With the INT Structure Pullback Phase initiated after the Bullish CHoCH, Price is ranging within the Fractal High/Low. No clear direction and price is ranging between Weak Supply / Demand but expectations is set to continue Bullish to facilitate the 4H INT and Swing Pullback Phases.

4.

  • 4H Supply zone for possible reactions. But note that it’s not well positioned within the 4H Swing (In Discount) so there is a probability that it will get run till the Swing EQ/Daily Supply zone.

15m Chart Analysis


1.

  • Swing Bullish
  • Internal Bullish
  • Swing Continuation Phase

2.

  • Price is ranging within the Bullish 15m Swing with INT structure is shifting between Bullish/Bearish.
  • This is clear that we have a complex INT Structure which shows uncertainty of clear direction.

3.

  • With the current INT Structure is Bullish, Expectations is set to continue Bullish and run the Weak INT High to target the Weak Swing High as long the INT Strong Low holds.

Link to Tradingview Post: https://www.tradingview.com/chart/EURUSD/zeOi9xMN-EURUSD-23-Apr-2024-W17-Intraday-Analysis-EU-US-PMI-Day/

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