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EURUSD 29 Apr 2024 W18 – Intraday Analysis – GER CPI

Published by

Amr Sadek

on

This is my Intraday analysis on EURUSD for 29 April 2024 W18 based on Smart Money Concept (SMC) which includes the following:

Market Sentiment

No major economic data releases are scheduled for Monday, limiting significant movement in the pair. However, the intervention in JPY leading to a USD weakness which will provide support for EURUSD some Bullish stand.

Also note that the current week includes EU CPI and US FOMC / NFP which most probably result in a volatility and investors are positioning for that upcoming news events.

4H Chart Analysis

snapshot


1.

  • Swing Bearish
  • Internal Bearish
  • Sub-Internal Bullish
  • 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. Price tapped into the Weekly demand and initiated the Swing Pullback Phase.
  • With the Bullish OF and as expected price reached the 4H supply with possible reaction from there.

4.

  • With Sub-INT / OF is holding Bullish, I Still see more upside as long we hold the recent Sub-INT Low (Green Line).
  • A break of the Sub-INT Low, this will confirm that the Pullback Phase maybe is over and we will continue down targeting the INT Low. On the other side if the Sub-INT Structure will stay Bullish, there is a HP we are targeting the mitigation of the Daily Supply.
  • More Price development from Intraday analysis to confirm a scenario.

15m Chart Analysis

snapshot


1.

  • Swing Bearish
  • Internal Bullish
  • Sell: Phase B (HP)
  • Long: Phase C (LP)

2.

  • Swing turned Bearish signaling the probability that the 4H Pullback is maybe over and we may resume the 4H Bearish continuation move.
  • Currently price at a 15m/4H Supply zones that could initiate the Swing continuation phase.
  • Possible Phase B Shorts but be mindful that the 4H INT Structure still Bullish and we may see another deep Swing pullback which will reflect on a Bullish 15m Swing BOS.

3.

  • 15m Demand within the INT Structure as it could provide a Low Probability Long Phase C trade.

Link to Tradingview Post: https://www.tradingview.com/chart/EURUSD/xfhu2Z4C-EURUSD-29-Apr-2024-W18-Intraday-Analysis-GER-CPI/

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